the jere beasley report, jul. 2008
TRANSCRIPT
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8/9/2019 The Jere Beasley Report, Jul. 2008
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Hmstrm`utlh tk kvlr 82,222 su`snrm`lrs linf oketf
ducy 0226
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8/9/2019 The Jere Beasley Report, Jul. 2008
2/520 [email protected]
M.NIRMXKCK@^LPZIXMKE^
X FL I OLPMNIE R LKRCL I PL I AIME^X J LHLPIC R PLLORXMKE
I rlnlet survly wis nkehuntlh tkalt tfl pu`cmns vmlws ke jlhlric prl-loptmke ieh tfl rlsucts wlrl dusti`kut wfit M jmaurlh tfly wkuch `l. Mt
wis nclir jrko tfl survly tfit .Iolrm-nies strkeacy kppksl tfl pkcmny kj jlhlric prlloptmke. Xfksl kppkslh(:8%) jir lxnllhlh tfksl wfk suppkrt(>9%) tfl pkcmny `lmea pusflh firh `y Rrlsmhlet @usf ieh pkwlrjuc nkrpk-ritl splnmic metlrlsts. Mts okst smaemjm-niet tfit kecy 1% kj tfksl wfk
suppkrtlh tfl pkcmny wlrl strkeacy mejivkr. Jkcgs irl lvle strkealr me tfmskppksmtmke wfle tfly clire tfitjlhlric prlloptmkepkcmny olies tfitmj i prkhunt ollts jlhlric sijlty rlauci-tmkes, ek sumt nie `l jmclh iaimest tflprkhunt oieujinturlr jkr plrskeicmedurmls sujjlrlh is i rlsuct kj usmea tflprkhunt. Xfksl iaimest tfl pkcmny `lnkol lvle okrl strkeacy kppkslh
wfle tfly jmeh kut tfit tfl @usf Ihomemstritmke ms lfmeh mt.
Iektflr smaemjmniet jmehmea jrko tflsurvly wis tfit Iolrmnies wkrrytfly kr skol jiomcy olo`lr wmcc `lfirolh `y ie uesijl prkhunt ieh`lcmlvl strkeacy tfit nkopiemls kjtlenut nkrelrs wfle mt nkols tk sijlty.Me jint, < omccmke. Kj tfl stitls tfit irlmencuhlh, Ici`ioi wmcc rlnlmvl$9=>,296, wfmnf wmcc ak tk tfl stitl
Olhmnimh prkario tk slttcl tfl icclai-tmkes kj moprkplr `mccmea. Xfms ms dustiektflr lxiopcl kj nkrpkritmkes tfitpirtmnmpitl me tfl Olhmnimh prkarionflitmea tfl akvlreolet, fkpmea tfly
wket alt niuaft ieh tfle slttcmea tflmr wrkea-hkmea.
Xfms wis tfl tfmrh slttclolet `y ioidkr pfiroiny nfime rlsuctmea jrkotfl wfmstcl ckwlr sumts, dkmelh me `y tfl jlhlric akvlreolet, tfit icclalhswmtnfmea kj ti`clts ieh nipsucls. Me
Oirnf kj tfms ylir, NZ^ Nirloirg Nkrp.iarllh piy $>:.1 omccmke ieh KoemnirlMen. slttclh jkr $8=.< omccmke me Ekvlo-`lr 022:. Hiemlc P. Clvmeske,mesplntkr alelric kj tfl \. . Hlpirtolet kj Flictf ieh Fuoie ^lrvmnls, oihl tfmsstitlolet4
Clt tfms slrvl is i rlomehlr kj kur prmkrmty tk mevlstmaitl ieh
prlvlet mcclaic snflols tfit i usl Olhmnimh prkarios it tfllxplesl kj tixpiylrs ieh vucelr- i`cl rlnmpmlets.
Xfl slttclolet me tfl Qicarlles nislnkvlrs icclaitmkes tfit jkr tfrllhruasPiemtmhmel (alelrmn Tietin),Jcukxltmel (alelrmn Rrkzin) ieh Lchl-
pryc kr ^lclamcmel (alelrmn Lchlpryic) Qicarlles swmtnflh Olhmnimh pitmletsjrko i nfliplr vlrsmke tk i okrllxplesmvl vlrsmke tk `kkst mts rlmo-`urslolets jrko tfl Olhmnimh prkario.Jkr lxiopcl, Olhmnimh pitmlets wfk
ME XFM^ M^^\L
M. Nipmtkc K`slrvitmkes . . . . . . . . .
MM. Rkcmtmnic K`slrvitmkes . . . . .
MMM. Clamscitmvl Fipplemeas . . . . .
MZ. Nkurt Qitnf . . . . . . . . . . . . . . . . .
Z. Xfl Eitmkeic ^nlel . . . . . . . . . . . . 92
ZM. Xfl Nkrpkritl Qkrch . . . . . . . . . .
ZMM. Niopimae Jmeienl Pljkro . . . . .
ZMMM. Nkearlssmkeic \phitl . . . . . . . .
MV. Rrkhunt Cmi mcmty \phitl . . . . .
V. Oiss Xkrts \phitl. . . . . . . . . . . . . 09
VM. @usmelss Cmtmaitmke . . . . . . . VMM. Mesurienl ieh Jmeienl \phitl . . .
VMMM. Rrlhitkry Clehmea. . . . . . . . . .
VMZ. Rrlomsls Cmi`mcmty \phitl . . . .
VZ. Qkrgpcinl Fizirhs. . . . . . . . . . . . 06
VZM. Xriespkrtitmke . . . . . . . . . . . . . .
VZMM. Ir`mtritmke \phitl . . . . . . . . . .
VZMMM. Eursmea Fkol \phitl. . . . . . . .
VMV. Flictfnirl Mssuls . . . . . . . . . . . . .
VV. Levmrkeoletic Nkenlres. . . . . . . . >
VVM. Xfl Nkesuolr Nkrelr. . . . . . . . . . >
VVMM. Plniccs \phitl . . . . . . . . . . . . . .
VVMMM. Jmro Intmvmtmls . . . . . . . . . .
VVMZ. ^plnmic Plnkaemtmkes. . . . . . . .
VVZ. ^kol Ncksmea K`slrvitmkes . . . . .
VVZM. ^kol Rirtmea Qkrhs . . . . . . . . . .
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fih prlsnrmptmkes jkr 922-omc-cmario ti`clts kj Piemtmhmel wlrlswmtnflh tk okrl lxplesmvl nipsucls.Xfksl wmtf prlsnrmptmkes jkr 92 oa kr 02 oa nipsucls kj Jcukxltmel wlrlswmtnflh tk okrl lxplesmvl ti`clts.
Icsk, prlsnrmptmkes jkr < oa ti `clts kj Lchlpryc wlrl swmtnflh tk okrllxplesmvl nipsucls. Rfiroinmsts irlicckwlh tk oigl sunf swmtnfls kecy mj tfl jkro kj tfl nkopkueh tfly irlswmtnfmea tk ms tflriplutmniccy lqumvi-clet ieh nksts clss tfie tfl kel splnm-jmlh me tfl prlsnrmptmke.^kurnl4 Issknmitlh Rrlss
L VRPL^^ ^ NPMRX^ ^ LXXCL^ Q MXF 06 ^ XIXL^
Lxprlss nrmpts Men. fis rlinflh i slt-tclolet wmtf 06 stitls tfit icclalh tflpfiroiny `leljmts oieialr (R@O)omsclh nkesuolrs wfle mt lenkurialhhkntkrs tk swmtnf pitmlets nfkclstlrkchrua `riehs uehlr tfl aumsl kj nketrkc-cmea nksts. Xfl iarllolet rlskcvls ijkur-ylir mevlstmaitmke kj ^t. Ckums-`islh Lxprlss ^nrmpts. Xfms mset tfljmrst tmol i R@O fis `lle niuaft nflit-mea tfl akvlreolet. Mt jkcckws i smomcir $>6.< omccmke ouctmstitl slttclolet meJl`ruiry wmtf i rmvic R@O, ieh i 0228
hrua-swmtnfmea slttclolet wmtf OlhnkFlictf ^kcutmkes Men. Is i rlsuct kj tflsl slttclolets, stitl ittkrelysalelric `lcmlvl tfly fivl nfiealhfkw tflsl nkopiemls trlit pitmletsieh hkntkrs wfle tfly isg tk nfiealtflmr prlsnrmptmke olhmnitmkes. Is ipirt kj tfl slttclolet wmtf Lxprlss^nrmpts, tfl nkopiey oust hmsncksl juccmejkroitmke ieh tfl rliske jkr tfl prk-pkslh swmtnf.Me jint, tfit ipplirs tk `ltfl okst smaemjmniet pirt kj tfl slttcl-olet.Xflsl hmsncksurls oust `l nclir ieh nkespmnukus.
Lxprlss ^nrmpts wmcc piy $=.> omccmkekj tfl tktic slttclolet tk tfl stitls iehtfl Hmstrmnt kj Nkcuo`mi. Iektflr $022,222 wmcc `l pimh wfmnf wmccprkvmhl ek okrl tfie $0< plr ncimoiettk mehmvmhuic pitmlets tk rlmo`ursltflo jkr vmsmts tk hkntkrs ieh tlstscmeglh tk swmtnfls `ltwlle rmvic
`riehs kj nfkclstlrkc-nketrkccmea hruasgekwe is stitmes. Xfl pirtmnmpiets metfl slttclolet irl4 Ici`ioi, Irmzkei,
Irgiesis, Nicmjkremi, Nkeelntmnut,Hlciwirl, Jckrmhi, Mccmekms, Mkwi, Ckum-smiei, Oissinfusltts, Oirycieh, Omnfm-aie, Omssmssmppm, Omsskurm, Oketiei,Elvihi, Elw Olxmnk, Ekrtf Nirkcmei,Kfmk,Krlake, Rleesycviemi,^kutf Nir-kcmei, ^kutf Higkti,Xleelssll,Xlxis,
Zlroket,Zmramemi,Qisfmeatke ieh tflHmstrmnt kj Nkcuo`mi.Xfl siol stitls
wlrl mevkcvlh tfl slttclolet ole-tmkelh i`kvl wmtf Nirloirgs pirletnkopiey, NZ^ Nirloirg Nkrp. Lxprlss^nrmpts jriuhucletcy tkch hkntkrs meskol nisls tfit pitmlets ieh tflmr flictf pcies wkuch sivl okely `y swmtnfmea tk i hmjjlrlet hrua `rieh tktrlit tfl siol nkehmtmke. Lxprlss
^nrmpts jimclh tk hmsncksl tk mts ncmletpcies tfit okely lirelh `y Lxprlss^nrmpts innrulh jrko tfl hrua swmtnf-mea prknlss wkuch `l rltimelh `y tflnkopiey. Mestlih, mt wiset pisslh ketk tfl ncmlet pcie.
Qfmcl tfl iokuet tk `l pimh uehlr tfl slttclolet wis soicc, mts `lcmlvlh`y tfl Ittkrelys Alelric tfit tflnfieals `rkuaft i`kut me fkw Lxprlss^nrmpts wmcc kplritl me tfl juturl irlsmaemjmniet.Xfms ms dust iektflr lxiopclkj nkrpkritl jriuh `y nkopiemlshlicmea wmtf akvlreolet prkarios.Xflrl ms i `lcmlj me i akkh euo`lr kj nkrpkritl `kirhrkkos tfit nflitmeatfl jlhlric ieh stitl akvlreolets msinnlpti`cl.Xfit skrt kj tfmea niet `ltkclritlh smenl mt nksts tfl tixpiylrs iarlit hlic kj okely. Me jint,M wkuch cmgltk flir skol`khy lxpcime wfy mts KG tk nflit tfl akvlreolet!^kurnl4 Ciw.nko
X FL P MCL] I HOMEM^XPIXMKE F I^ @ LLE A KKH J KP I CI@IOMIE^
Xfl jmrst smx ylirs kj tfl ihomemstri-tmke kj Akvlrekr @k` Pmcly fivl `lle
vlry sunnlssjuc. Mj tfl cist twk ylirs kj fms tleurl irl ieytfmea cmgl tfl jmrst smxtfms ihomemstritmke oiy wlcc `l tfl`lst lvlr me Ici ioi. Xfl rlnkrh ke
mehustrmic hlvlckpolet ms wmtfkutqulstmke tfl `lst lvlr ieh tfits iakkh pcinl tk stirt wfle olisurmea iakvlrekrs sunnlss. Nkesmhlrmea tfitkur eitmkes lnkekoy ms me hllptrku`cl oigls Ici`iois lnkekomnprkarlss lvle okrl smaemjmniet. Xflstrmhls jkrwirh me pu`cmn lhunitmkefivl icsk `lle vlry akkh lvle tfkuaf tflrl ms ounf ylt tk `l hkel.Rlrfipstfl jint tfit tflrl fivl `lle ek snie-hics me fms ihomemstritmke ms kel tfmetfit tfl Akvlrekr ms okst prkuh kj.
A KZLPEKP P MCL] CLIH^ X PIHL O M^^MKE X K ^ K\XF I OLPMNI
Akvlrekr @k` Pmcly fih i sunnlssjuctrihl omssmke tk ^kutf Iolrmni cistoketf.Xfl akvlrekr splet tfl tle-hiy trmp vmsmtmea Nkcko`mi, Nfmcl,Iraletmeieh @rizmc.Fl wis innkopiemlh ke tflomssmke `y i euo`lr kj lxlnutmvlsjrko Ici`ioi nkopiemls sllgmea tkhlvlckp oirglts me ^kutf Iolrmni.Xfl^titl Hkngs me Ok`mcl amvls Ici`ioi iuemqul kppkrtuemty tk hlvlckp tfl^kutf Iolrmnie oirglt ieh Akvlrekr Pmcly ms tigmea ihvietial kj tfl hkngsme fms sicls pmtnf. Fl ms trymea vlry firhtk hlvlckp tfit oirglt smenl ^kutf
Iolrmni ms i prmol tiralt jkr Ici`ioiprkhunts. Jrko icc innkuets tfl trmp wis sunnlssjuc ieh sfkuch piy lnk-ekomn `leljmts jkr kur stitls oieujin-turlrs ieh jirolrs.^kurnl4 Issknmitlh Rrlss
P L^\CX^ K J I P LNLEX ^ \PZL]
I rlnlet survly kj Ici`ioi nmtmzlesnkehuntlh `y tfl Nipmtic ^urvly Plslirnf Nletlr rlvlics wfit M fihicrlihy susplntlh. Mt sfkws tfit
Ici`iomies irl okst hmssitmsjmlhwmtf tfl wiy tfmeas fivl `lle akmea me tflnkuetry.Xfl survly tigle `ltwlle Oiy 9< tf ieh Duel 9 st sfkwlh tfit 1>.:% kj tfl plkpcl me kur stitl irl hmssitmsjmlh,
wmtf kecy 96.9% siymea tfly irl sitms-jmlh. Kecy 6.0% mehmnitlh tfit tfly lmtflr fih ek kpmemke kr tfly jimclh tkrlspkeh.Xfksl rlsucts irl ie mehmnitmke
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8/9/2019 The Jere Beasley Report, Jul. 2008
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tfit jkcgs irl hljmemtlcy jlh up wmtf tfl@usf Ihomemstritmke ieh irl hloieh-mea nfieal me tfl hmrlntmke kj kur eitmke ke icc jrkets.^kurnl4 Nipmtic urvly Plslirnf
MM.
RKCMXMNICK@^LPZIXMKE^
I @ \^F X FMPH X LPO M ^ \ EXFMEGI@CL
Dkfe OnNime ms trymea fms `lst tkgllp fms ekw-nkzy rlcitmkesfmp wmtf Rrlsmhlet @usf kjj tfl lvlemea elwsieh ekt icckw mt tk `lnkol tfl oimetkpmn kj hmsnussmke ke tfl ni`cl ticg sfkws. Mt hklset tigl i pu cmn kpmemke
pkcc tk gekw tfl prlsmhlets kwe pkp-ucirmty ms it ie icc-tmol ckw jkr Iolrmnieprlsmhlets. Mts lvmhlet OnNimes fie-hclrs irl juccy iwirl kj fkw ckw tflRrlsmhlets euo`lrs irl. Lvle OnNimeiccmls prmvitlcy siy tfit @usf ms ie ic`i-trkss jkr tfl Plpu cmnie ekomellsniopimae. Plairhclss kj fms nkeelntmketk @usf, mts rlihmcy ippirlet tfitOnNime ms ke tfl wrkea smhl kj tfl twkoime mssuls tfit irl kj arlit nkenlre tktfl Iolrmnie plkpcl4 tfl prkckealhMriq wir7 ieh tfl wliglelh \. .lnkekoy. Lvle wmtfkut @usf irkuehfms elng, tfksl irl mssuls tfit irl oidkr prk`clos jkr tfl AKR ekomell.
Xk fms nrlhmt, ^leitkr OnNime mstrymea firh tk riccy tfl Plpu`cmnie `islieh rimsl niopimae juehs jrko tflAKR jimtfjuc, skol kj wfko hket cmglfmo, ieh tfit ms wfy fl niet ijjkrh tkhuop tfl prlsmhlet.Xfl AKR stiehirh`lirlr ms jinmea i Hloknritmn pirty
wfmnf fis uermviclh letfusmiso iehicsk ms ledkymea jrko krhmeiry nmtmzlesrlnkrh-`rligmea juehrimsmea.Xfl rimsmeakj juehsmencuhmea i rlnkrh euo`lr kj soicc hkeitmkesfis `lle ieioizmea ieh ueprlnlhletlh jlit y tflK`ioi niopimae.
Qfmcl Rrlsmhlet @usf ieh fms wkuch-`l sunnlsskr fivl `lle ipplirmeatkaltflr, tfl OnNime fiehclrs irl trymea
vlry firh tk gllp tflmr olltmeas kut kj tfl cmolcmaft. Xfits i tkuaf tfmea tkinnkopcmsf wfle tfl prlsmhlet ieh fmsaiea irl jcymea irkueh tfl nkuetry ke
Imr Jkrnl Kel trymea tk flcp tfl AKRekomell. Mts prltty firh tk gllp tfitskrt kj tfmea qumlt. Elvlrtflclss, tflOnNime fiehclrs irl fkchmea tfl @usf-OnNime juehrimslrs wmtf tfl AKR jimtf-juc me prmvitl fkols.Xflrl irl ek olhmiirkueh tk hknuolet tflsl olltmeasieh tfit ms fmafcy ueusuic.Xfl kecy tmol@usf ieh OnNime irl nipturlh keniolri irl ijtlr i emaft lvletwflemts tkk citl tk oigl okst lvlemea elws-nistsieh k`vmkuscy tfits `y hlsmae.OnNimes juehrimslrs typmniccy irl nckslhtk tfl prlss ieh tfit ippirletcy sumts@usf dust jmel.Nie yku rlolo lr i tmol
wfle i ekomell kj lmtflr pirty wietlh
i smttmea prlsmhlets flcp ut hmhet wiet tfl vktlrs tk gekw i`kut mt;
Xfl Iolrmnie plkpcl oust lvletu-iccy ieswlr kel qulstmke ieh tfit mssmopcyhk wl wiet tk nketmeulAlkral @usfs pkcmnmls; ^menl tfl jimclhpkcmnmls kj tfl @usf Ihomemstritmke irllxintcy wfit Dkfe OnNime fis prko-mslh tk nketmeul jkr iektflr jkur ylirs,tfl AKR niehmhitl fis mesurokueti`clprk clos wmtf icc Hloknrits, okstMehlplehlets ieh i smaemjmniet euo`lr kj Plpu cmnitmkes. Mt fis `lnkollvmhlet tfit Dkfe OnNime fis `lnkol
dust ie lxtlesmke kj @usf, kjjlrmea tflsiol pkcmnmls ieh wmtf ek fkpl jkr nfieal. Qfmcl OnNime fis struaaclhtk `rlig jrko @usf ke tfl twk gly mssulstfl Mriq wir ieh tfl lnk-ekoyfl ms dkmelh it tfl fmp wmtf tflprlsmhlet ke linf kj tflo. @ktf olesuppkrt nketmeulh omcmtiry mevkcvl-olet me Mriq, ieh `ktf `ing tfl siol
jrll-oirglt lnkekomn prmenmpcls.Xfl Iolrmnie plkpcl wiet kur trkkps kutkj Mriq ieh irl hloiehmea i rlvlrsic kj kur nkuetrys lnkekomn wkls. Xfits
wfy wl wket fivl i tfmrh @usf tlrostirtmea me Dieuiry kj 022=.Xfl vktlrs
wiet nfieal ieh tfit olies i @usf tfmrh tlro ms tkticcy ueinnlpti`cl.
I X MOL J KP \ EMX] I EH N KKRLPIXMKE I OKEA^X I CC H LOKNPIX^
Me oy kpmemke, ekw tfit tfl prmoiry sliske ms kvlr, tfl oiey jinlts kj tflHloknritmn Rirty wmcc uemtl ieh altrlihy jkr tfl alelric lclntmke. @ktf @irring K`ioi ieh Fmcciry Ncmetke rietkuaf ieh iaarlssmvl niopimaes ieh
wkueh up vlry ncksl me tfl pkpucir vktl. Mt oiy tigl i jlw wllgs jkr tflNcmetke suppkrtlrs tk alt kvlr tfl furtkj i slnkeh pcinl jmemsf, `ut tmolsfkuch flic iey cmealrmea wkuehs.Kenl tfl omccmkes kj Hloknrits wfk
vktlh jkr ^leitkr Ncmetke rljclnt ke tflpkssm`mcmty kj i tfmrh @usf tlro clh `y
Dkfe OnNime tfly wmcc riccy `lfmeh tflHloknritmn ekomell.
Qmtfkut qulstmke, ^leitkr K`ioifis `lle i vlry strkea niehmhitl. Flfis lxfm`mtlh tfl i`mcmty tk lelramzljkcgs wfk fivl `lle sfut kut kj tfleitmkeic pkcmtmnic snlel me pist lcln-tmkes.Xfly ekw sll i `rmhal kvlr tfl
wmhl aip tfit slpiritlh tflo jrko tfllcmtl ieh pkwlrjuc me Iolrmni. Omekrm-tmls irl ekt tfl kecy jkcgs wfk fivl`lle vmrtuiccy sfut kut kj tfmsnkuetrys pkcmtmnic systlo ieh i olie-meajuc pcinl me tfl kplritmke kj tfleitmkeic akvlreolet. Qkrgmea ole
ieh wkole kj icc rinls fivl `lle ketfl kutsmhl ckkgmea me. Mt wis lvmhlettfit wkole fih i nfiopmke me^leitkr Ncmetke, ieh tfksl wfk sup-pkrtlh flr wmcc nlrtimecy dkme tflK`ioi niopimae.Xflrl ms ek wiy tfiticc kj tfksl jkcgs wfk fivl `lle sfutkut nie suppkrt tfl AKR niehmhitl.
M `lcmlvl yku wmcc sll icc Iolrmnies dkmemea jkrnls tk `rmea i`kut oliemea-juc nfieal me tfl wiy kur eitmkeic akv-lreolet fis `lle rue.Xfl pkwlrjucsplnmic metlrlsts fivl fih tflmr wiy hurmea tfl ylirs kj tfl @usf Ihomems-tritmke ieh jkcgs wket tkclritl jkur okrl ylirs kj @usf-Nflely-Pkvl rucl.Xfl mssuls cljt jkr Dkfe OnNime tk `islfms niehmhiny ke niet `l vmlwlh isakkh elws jkr tfl AKR ekomell.
Xfl Mriq wir ieh tfl fkrrlehkusstitl kj kur eitmkes lnkekoy irl iomccstkel irkueh Dkfe OnNimes pkcmtm
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8/9/2019 The Jere Beasley Report, Jul. 2008
5/52 [email protected] @mccmketfms ms tfl lnkekomntkcc tfl fkusmea nrmsms fis tigle ke
Iolrmnie jiomcmls sk jirwmtf 1.>
omccmke jkrnlh kut kj tflmr fkols.
921%tfms ms fkw ounf ais prmnlsfivl menrlislh hurmea tfl @usf
Ihomemstritmketfl ivlrial Iolrm-nie jiomcy wmcc spleh $8,99 @mccmketfms ms tfl iokuet kj tfl rlnkrh eitmkeic hl`t is kj Iprmc.Mtms rmsmea lvlry hiywmtf ounf kj
wfit wl kwl `lmea tk Nfmei.
$>2.0 @mccmketfms ms tfl iokuet kj tfl trihl hljmnmt jkr tfms nkuetry nur-rletcy.
Kur eitmke oust fivl ie ljjlntmvlclihlr hurmea tfl elxt jkur ylirs wfknie uemjy tfl Iolrmnie plkpcl ieh
wfk nie rl`umch kur sfittlrlh moialke tfl metlreitmkeic stial. Kur wkrch mstfrlitlelh ke sk oiey jrkets tfitoiey me tfms nkuetry fivl ckst fkpl.Mts lssletmic tfit fkpl ms rlstkrlh jkr tfl akkh kj kur eitmke. Kur juturl fis`lle put me slrmkus dlkpirhy `y tfms
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8/9/2019 The Jere Beasley Report, Jul. 2008
6/52: [email protected]
ihomemstritmke ieh tfits qumtl nclir.Oiey pkcmtmnic k`slrvlrs siy tfms ms tflokst mopkrtiet eitmkeic lclntmke smenltfl Fkkvlr hiys.Xfl Hloknritmn Rirty oust rmsl tk tfl nficcleal jinmea
Iolrmni ieh put tfl sfmp kj stitl `ing ke nkursl. Lclntmea i Rrlsmhlet wfknie clih us `ing tk tfl arlitelss tfitkur nkuetry ledkylh me ylirs pist ms iei`skcutl elnlssmty. I clihlr cmglJriegcme PkkslvlctFirry Xruoie
Dkfe Gleelhykr @mcc Ncmetkeoustslrvl kur eitmke ieh mts plkpcl jkr tflelxt jkur ylirs.Ql niet ijjkrh tk putie kchlr vlrsmke kj Alkral @usf me tflkvic kjjmnl me 022=.
O I]KP @ K@@] @ PMAFX Q ME^ H LOKNPIXMN R PMOIP] M E I CI@IOI ^ LNKEH H M^XPMNX
Oketakolry Oiykr @k``y @rmaft wke tfl Hloknri tmn prmoiry me Ici`iois 0 eh Nkearlssmkeic Hmstrmnt.Fms nkevmenmea vmntkry ms prkkj tfittfl wkrgmea jiomcmls kj Ici`ioi wiet i
vkmnl me Nkearlss jrko tfms hmstrmnt wfk nie oigl i rlic hmjjlrlenl me tflmr cmvls. Nflryc ^i`lc, wfk kppkslh@k``y me tfl prmoiry, rie i akkh, nclierinl.Qfmcl Nflryc fih vlry cmttcl jmeie-nmic suppkrt, sfl oihl i vlry akkh
moprlssmke me flr jmrst pkcmtmnic rinlieh oiy fivl i juturl me Ici`ioi pkcm-tmns. Xfl tfmrh pcinl jmemsflr me tflrinl, Hr. Nlehml Nriwcly kj Xrky, icskoihl i vlry akkh moprlssmke me flr niopimae tfrkuafkut tfl hmstrmnt. ^fltkk wis me flr jmrst pkcmtmnic rinl. Meinnlptmea fms pirtys ekomeitmke,@k` y fih tfms tk siy i`kut fmsprmoiry wme4
M io tfiegjuc tk tfl vktlrs kj Ici`iois ^lnkeh Hmstrmnt wfk suppkrtlh ol tkemaft ieh wiet tk tfieg Akh, oy jiomcy ieh oy
suppkrtlrs jkr tfms kppkrtuemty. Ici`iois wkrgmea jiomcmls irl struaacmea wmtf tfl rmsmea nkst kj ais, arknlrmls ieh flictf nirlieh irl rlihy jkr i clihlr wfk
puts ismhl pkcmtmnic jmafts ieh wkrgs jkr skcutmkes. M ckkg
jkrwirh tk sfirmea oy mhlis wmtftfl plkpcl kj Ici`ioi me tfl elxt
jmvl oketfs, ieh sfkwmea tflowfy M wmcc rlprlslet kur viculs meNkearlss.
@k``y wmcc jinl lmtflr ^titl Plprl-sletitmvl Diy Ckvl kr ^titl ^leitkr Firrm Ieel ^omtf me Ekvlo`lr.Xflsl
twk AKR niehmhitls, wfk wmcc olltme i rue-kjj ke tfl 9< tf kj tfms oketf,lolralh is tfl clihlrs kvlr i prltty strkea jmlch kj niehmhitls. Kel kj tflniehmhitls wfk hmhet oigl tfl rue-kjj wis oy akkh jrmleh, Hivmh Qkkhs,
wfk rie ie lxnlcclet rinl ieh oihlie lxtrlolcy akkh moprlssmke kejkcgs.Mt wmcc `l metlrlstmea tk sll mj tfl
wmeelr kj tfl rue-kjj wmcc mevmtl Rrlsm-hlet @usf kr Zmnl Rrlsmhlet Nflely hkwe tk niopimae me tfl alelric lcln-tmke. Me iey lvlet, mt sfkuch `l ielxnmtmea jicc.
@ C\L H KA^ @ ING ^ LEIXKP A PMJJMXF J KP N KEAPL^^ M E < XF H M^XPMNX
Ke Duel 92 tf , tfl @cul Hkas, i 8=-olo`lr nkicmtmke kj nkeslrvitmvlHloknrits me Nkearlss, ieekuenlh mtslehkrslolet kj Rirglr Armjjmtf me
Ici`iois < tf Nkearlssmkeic Hmstrmnt. Meoigmea tfms smaemjmniet lehkrslolet,Plp.Omgl Pkss,(H-IP) nkooletlh4
Ql `lcmlvl fl wmcc dkme us me puttmea ie leh tk tfl pirtmsie`mnglrmea me Qisfmeatke ieh
pusfmea tfrkuaf nkookeslesl jmsnic pkcmnmls ieh rlstkrmea innkuet- i`mcmty tk kur akvlreolet.
Armjjmtf,wfk ms slrvmea fms jmrst tlrome tfl stitl leitl, ms rueemea tk
rlpcinl Plp. @uh Nriolr, H-Fuetsvmccl, wfk ms rltmrmea. Fms Plpu`cmnie kppk-elet wmcc `l hltlromelh `y i prmoiry ruekjj ke tfl 9< tf kj tfms oketf. Plp.Nriolr, me isslssmea tfl rinl, tkchrlpkrtlrs me Fuetsvmccl4
Mt ipplirs tfit tfl Hloknritsfivl ie lxnlcclet nfienl kj rltimemea tfl slit. M tfmeg Rirglr Armjjmtf fis i vlry akkh nfienl kj
`kehmea wmtf tfl plkpcl kj tfl < tf
Hmstrmnt ... wflrl pirty ci`lc ms ekt is mopkrtiet.
M `lcmlvl Hloknrits wmcc rltime tflNriolr slit.Lircy pkccmea mehmnitls tfit^leitkr Armjjmtf wmcc hriw jrko Hlokn-rits, Mehlplehlets ieh Plpu cmniesieh wme `y i nkojkrti cl oirame. Fl ms
nkesmhlrlh tk `l vlry ounf cmgl tfloie fl ms sllgmea tk rlpcinl ieh tfitsmopkrtiet.^kurnl4 @mromeafio Elws
I C KKG I FLIH M E I CI@IOI
Xflrl fis `lle i arlit hlic kj lircy pksturmea me tfl 0292 rinl jkr Akvlr-ekr me Ici`ioi.Me jint,M fivl lle nke-tintlh `y i euo`lr kj kur rlihlrs wfk
wiet tk gekw wfk icc wmcc `l rueemeajkr tfl tkp dk` me Ici`ioi tk sunnllh@k` Pmcly. M fivl icsk `lle nketintlh`y i jlw plkpcl wfk siy tfly irlckkgmea it tfl rinl tfloslcvls. ^k, Maivl skol tfkuaft tk tfms oittlr iehfivl hlnmhlh tk slt kut tfksl plrskes
wfkinnkrhmea tk skol prltty akkhskurnlswkuch cmgl tk sunnllh Akvlr-ekr Pmcly.
Ke tfl Hloknritmn smhl tfl plrskes wfk omaft rue irl4
\.^.Plprlsletitmvl Irtur Hivms7
Ct.Akvlrekr Dmo Jkcsko7
^pliglr kj tfl Fkusl ^ltf Fiooltt7ieh
Iarmnucturl Nkoomssmkelr Pke ^pirgs.
Xfl jkcckwmea irl `lmea oletmkelhis pktletmic niehmhitls ke tfl Plpu`-cmnie tmnglt4
^lnrltiry kj ^titl @ltf Nfipoie, wfk ipplirs tk fivl smaemjmniet AKRsuppkrt7
Hr. Ding Fiwgmes, i jkrolr Oirmel, wfk ms Nfienlcckr kj tfl Xrky \emvlr-smty ^ystlo7
Plprlsletitmvl Omgl Fu` irh,wfk msomekrmty clihlr me tfl Ici`ioi ^titlFkusl7
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^titl Xrlisurlr Giy Mvly7
Xmo Diols, wfk ms i sunnlssjucArllevmccl `usmelssoie7
Ittkrely Alelric Xrky Gmea7
^tie Ritl jrko Xusnickksi, wfk msicsk i sunnlssjuc `usmelssoie7
Dmooy Piel(]lcci Jlcci),wfk ms isunnlssjuc `usmelssoie jrko I``lvmccl7ieh
Jkrolr Ct. Akvlrekr ^tlvl Qmehko, wfk ms ekw i sunnlssjuc ck``ymst.
Qfmcl tflrl fis `lle ek mehmnitmkefl ms nurrletcy rueemea, M wkuch ihh Hr.Hivmh @rkeelr tk kel kj tflsl cmsts. Mejint, mt wkuch `l okst metlrlstmea mj flhlnmhlh tk rue is ie mehlplehlet. Moiy `l tfl kecy plrske wfk `lcmlvls ioie cmgl Hr. @rkeelrwfk icwiys siyslxintcy wfit fl `lcmlvls ieh tfmegsnie wme, `ut M hk. Me jint, nkesmhlrmeatfl pkcmtmnic ncmoitl tfit lxmsts tkhiy,fl omaft `l lxintcy wfit tfl plkpcl kj
Ici`ioi wiet me i plrske tk clih tflstitl.Kj nkursl, icc kj tfit oiy nfiealhristmniccy ijtlr Ekvlo`lrs eitmkeiclclntmkes.Xflrl ms kel tfmea jkr nlrtimeieh tfit ms tfl stitl Akvlrekr Pmcly wmccclivl tk fms sunnlsskr wmcc `l i wfkcl
ckt `lttlr tfie tfl kel fl meflrmtlhjrko Hke ^mlalcoie me 0229.
F IEG I IPKE H KMEA J \EHPIM^LP^ J KP I CI@IOI ^ LEIXL N IEHMHIXL
Xfl alelric lclntmke rinl `ltwlle Zmvmie Jmaurls ieh Dljj ^lssmkes fisjimclh tk ittrint ounf ittletmke tfus jir.Linf kj tfl niehmhitls survmvlh tflprmoiry lclntmkes wmtf ek hmjjmnucty.@ut, tfmeas wmcc skke flit up me tfmsrinl wfmnf oiy l ckts nckslr tfiekrmameiccy tfkuaft. @isl icc clalehFieg Iirke, i eitmvl kj Ok`mcl, fisnkol me tk flcp Zmvmie. Fl pirtmnmpitlhme twk sunnlssjuc juehrimslrs. XflOk`mcl ^leitkr akt i rlic `kkst jkr flr niopimae jrko tfl jkrolr Itcieti@rivls scuaalr. Fieg Iirke ms i trlole-hkus plrske ieh i aleumel Iolrmnieflrk. Fms suppkrt nkols it i nrmtmnic
tmol jkr flr. Zmvmie `lniol i ncksljrmleh wmtf tfl Ok`mcl eitmvl wfle sflslrvlh ke tfl Ok`mcl Nmty Nkuenmc. Mejint, Ok`mcls Hku`cl I `isl`icc stihmuo
wis eiolh me fkekr kj tfl fkoltkweflrk hurmea flr tmol ke tfl nkuenmc.Jmaurls ieh ^lssmkes wmcc jinl kjj me tflalelric lclntmke ke Ekvlo`lr 8 tf .
MMM.CLAM^CIXMZLFIRRLEMEA^
X FL ^ RLNMIC ^ L^^MKE Q I^ I A KKH K EL
Xfl pissial kj tfl lhunitmke `uhalt wis innkopcmsflh `y tfl clamscitkrs merlnkrh tmol ieh tfit oigls tfl splnmic
slssmke i nkopcltl sunnlss. Pitflr tfie nrmtmnmzl tfl Clamscitkrs jimcurl tkpiss tfl `uhalt me tfl rlaucir slssmke, Mnkooleh tflo jkr alttmea tfl dk`hkel me tfms slssmke.Qfmcl tfl `uhaltfis skol k`vmkus sfkrtnkomeas, nke-smhlrmea tfl sfkrtial kj juehs, mts tfl`lst tfit nkuch `l put tkaltflr. Fkpl-juccy, sujjmnmlet rlvleuls wmcc l ivimc-i`cl tk juccy jueh tfl `uhalt sk is tkivkmh prkritmke. Ql ellh tk gllp uptfl prkarlss tfits `lmea oihl mepu`cmn lhunitmke. Fkpljuccy kur eitmkes lnkekoy wmcc alt `lttlr me022= sk tfit rlvleuls wmcc `l ivimci`cltk tigl kur lhunitmke systlo tk i ounf fmaflr clvlc.
X FL X IV @ PLIG @ MCC J KP ^ OICC@ \^MEL^^L^ ^ MAELH M EXK CIQ
Kel kj tfl akkh tfmeas tfit niol kutkj tfl slssmke wis tfl `mcc tk prkvmhl i
tix `rlig tk soicc `usmelssls tfitprkvmhl flictf mesurienl tk tflmr lopckylls.Akvlrekr Pmcly smaelh tfl`mcc metk ciw it tfl Nipmtkc ke Duel 92 tf .Xfl `mcc wmcc oigl flictf mesurienlokrl ijjkrhi`cl sk tfit okrl soicc`usmelssls wmcc kjjlr mt is ie lopckyll`leljmt. Mt wmcc icckw `usmelssls wmtf jlwlr tfie 0< lopckylls tk hlhuntjrko tflmr stitl menkol tixls 9
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ivkmhlh tfl eirrkw, mhlkckay-`islhhlnmsmkes tfit oirglh mts prlvmkus tlro.Xfl dustmnls nkestrulh pirts kj ie96:2s nmvmc rmafts int ieh tfl oime ietm-ial `mis ciw tk mencuhl tfl rmaft tk sulkvlr rlprmsics lvle tfkuaf elmtflr prk-
vmsmke lxprlsscy prkfm`mts rlticmitmke.Xfl kutnkols me tfl twk nisls nke-tristlh wmtf rucmeas cist tlro me wfmnf oidkrmtmls kj tfl nkurt mesmstlh ke cmtlricrlihmeas kj jlhlric ciws kvlr tfl k`dln-tmkes kj hmssletlrs wfk jivkrlh okrllxpiesmvl metlrprltitmkes.
Dustmnl ^tlpfle @rlylr, wrmtmea jkr tfl nkurt me i nisl mevkcvmea i `cing lopckyll it i Nringlr @irrlc rlstiu-riet wfk wis jmrlh, simh tfit prlvmkus^uprlol Nkurt hlnmsmkes ieh nkearls-smkeic intmke oigl nclir tfit rlticmi-tmke ms nkvlrlh. Dustmnl @rlylr wrktl
tfit i prkvmsmke kj tfl Nmvmc Pmafts Intkj 96::, gekwe is slntmke 9=69,lenkopissls rlticmitmke ncimos iehms mehllh wlcc-lo`lhhlh me tfl ciw.Xfl Nringlr @irrlc nisl arlw kut kj tfl jmrmea kj i `cing issknmitl oieialr it i Nringlr @irrlc rlstiuriet me Mccm-ekms.Xfl lopckyll nketlehlh tfit fl
wis jmrlh ijtlr nkopcimemea i`kut rinlhmsnrmomeitmke `y ktflr Nringlr @irrlcsuplrvmskrs. Fl jmclh i ciwsumt ncimomea`ktf hmsnrmomeitmke ieh rlticmitmke.Linf ncimo wis hmsomsslh `y i jlhlric
duhal, `ut kecy tfl rlticmitmke ncimo wis ippliclh. Xfl Nfmniak-`islh \.^.Nkurt kj Ipplics jkr tfl ^lvletf Nmrnumt simh tfl lopckyll nkuchpursul fms rlticmitmke ncimo uehlr slntmke 9=69. Xfl fmaf nkurt upflchtfit rucmea me tfl nisl ke ipplic.
Me tfl ial rlticmitmke nisl, Dustmnl^ioulc Icmtk wrktl tfl nkurts kpmemkeicckwmea i jlhlric lopckyll tk pursul
rlticmitmke ncimos uehlr tfl Ial Hms-nrmomeitmke me Lopckyolet Int. Dustmnl Icmtk nkencuhlh jkr tfl nkurt tfit i\.^. Rkstic ^lrvmnl lopckyll oiy pursul tfit ncimo me flr ciwsumt.Qfmcltfl ietm-ial `mis ciw splnmjmniccy `irsrlprmsics iaimest prmvitl slntkr lopcky-lls wfk nkopcime i`kut hmsnrmomei-tmke, mt ms smclet is tk jlhlric wkrglrs.
Dustmnl Icmtk simh tfl ciw ippcmls tk
`ktf nitlakrmls kj lopckylls.Xfl nislmevkcvls i pkstic wkrglr me Rulrtk Pmnk
wfk icclalh sfl wis `lmea hmsnrmom-eitlh iaimest `lniusl kj flr ial.Xfllopckyll, wfk wis tfle 8
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elss printmnls `y prkomsmea jrll iehsmaemjmnietcy hmsnkuetlh pfkels, wfmclnfiramea sicls tixls `islh ke tfl juccprmnl kj tfl pfkel.X-Ok`mcl, wfmnf mskwelh `y Alroie tlclnkoouemni-tmkes nkopiey Hlutsnfl Xlclgko IA,rlspkehlh tfit mt wis rlqumrlh tknfiral sicls tixls ke tfl jucc rltimcprmnl uehlr Nicmjkremi ciw.Xflrl wlrltwk nkopiemke nisls mevkcvmea X-Ok`mcl tfit wlrl icsk hlnmhlh `y tflfmaf nkurt me i oieelr smomcir tk tflCistlr ipplic.^kurnl4 Issknmitlh Rrlss
I E LQ N CI^^ I NXMKE CIQ^\MX J MCLH J KP @ CING J IPOLP^
I nciss intmke ciw sumt fis `lle jmclhiaimest tfl \.^. Hlpirtolet kj Iarmnuc-turl me tfl Jlhlric Hmstrmnt Nkurt jkr tfl Hmstrmnt kj Nkcuo`mi.Xfl sumt ms ke`lficj kj tfl jmvl jirolrs wfk irleiolh pcimetmjjs ieh icc ktflr Rmajkrh citl jmclrs. Xfl sumt sllgs hioialsjrko tfl \^HI jkr hlnihls kj rinmic hms-nrmomeitmke me tfl kplritmke kj tflialenys jiro ckie ieh suppkrt prk-arios. Mts metlehlh tk prkvmhl rlcmlj jkr tfl tfkusiehs kj Ijrmnie-Iolrmniejirolrs wfk wlrl sfut kut kj tfl 9===
slttclolet me Rmajkrh v. Acmngoie ,tflkrmameic hmsnrmomeitmke ciwsumt iaimest\^HI.Xfl Rmajkrh nisl iwirhlh icokst$9 mccmke tk Ijrmnie-Iolrmnie jirolrs
wfksl nmvmc rmafts fih `lle vmkcitlh `y tfl \^HI, `ut hmh ekt rlinf icc jirolrspktletmiccy lcmam`cl jkr tfl rlcmlj.
Me flirmeas flch `y Nkearlss me 0228ieh iaime cist ylir, mt wis hltlromelhtfit tles kj tfkusiehs kj pktletmic
Rmajkrh ncimoiets fih ekt akttle jimr ektmnl kj tfl slttclolet jrko tfl tlcl-
vmsmke, rihmk, ieh prmet niopimae i`kuttfl slttclolet me lircy 9===, ieh tfit,is i oittlr kj juehioletic jimrelss,tfly sfkuch `l amvle iektflr kppkrtu-emty tk k`time rlcmlj jkr tfl \^HI hms-nrmomeitmke. Xfit kppkrtuemty wisiutfkrmzlh `y Nkearlss me tfl rlnletcy leintlh 0226 jiro `mcc.I prkvmsmke wismencuhlh iutfkrmzmea Ijrmnie-Iolrmniejirolrs wfk wkuch fivl quicmjmlh jkr
Rmaj krh rlcmlj`ut wlrl cljt kuttksllg rlhrlss me Jlhlric nkurt.Xfl `mccprkvmhlh $922 omccmke tk nkvlr icc elw ncimos. D.C. Nflsteut, jrko ^lcoi,
Ici`ioi, ieh Hivmh Jrietz kj Qisfmea-tke,H.N., rlprlsletlh tfl Rmajkrh pcime-tmjjs ieh fivl jmclh tfms citlst sumt.
I RRLIC^ N K\PX P LZMZL^ CIQ^\MX I AIME^X F ICCM@\PXKE
I jlhlric ipplics nkurt fis rlvmvlhciwsumts iaimest omcmtiry nketrintkrskvlr i hlihcy io`usf me 0228 tfitgmcclh nmvmcmie trung hrmvlrs me Mriq.Xflsumts, jmclh `y trunglrs ieh tflmr jiom-cmls, innusl Ficcm`urtke ieh i jkrolr su`smhmiry, G@P Men., kj gekwmeacy slehmea i nkevky metk i hiealrkus irli
wflrl smx G@P hrmvlrs wlrl gmcclh iehslvlric ktflrs wkuehlh me tfl io`usf.
I jlhlric duhal me Fkustke hmsomsslhtfl ciwsumts me ^lptlo`lr 022:, siymeatfl nkurts niet slnkeh-aulss tfl omcm-tirys `ittcljmlch hlnmsmkes. @ut tfl \.^.Nkurt kj Ipplics jkr tfl Jmjtf Nmrnumt meElw Krclies rlvlrslh tfit rucmea iehfis slet tfl tfrll nisls `ing tk tflckwlr nkurt jkr jurtflr prknllhmeas.I tfrll-duhal pielc jrko tfl ipplicsnkurt simh mt oiy `l pkssm`cl tk rlskcvl
tfl ciwsumts wmtfkut oigmea i nkestmtu-tmkeiccy moplromssm`cl rlvmlw kj wirtmol hlnmsmke-oigmea.Duhal Clscml^kutfwmng,wrmtmea jkr tfl nkurt,stitlh4
Nisls spiwelh me i wir zkelmevkcvl nkestmtutmkeic mssuls ieh printmnic nkesmhlritmkes tfit nie
prlvlet tflo jrko `lmea rlskcvlh me nkurt. Mt ipplirs, tfkuaf, tfit tflsl tkrt-`islh ncimos kj nmvmcmielopckylls iaimest tflmr nmvmcmielopckylrs nie `l slpiritlh jrkotfl pkcmtmnic qulstmkes tfit ckko
sk ciral me tfl `ingarkueh.
It clist 992 kj G@Ps lopckylls fivl`lle gmcclh me Mriq smenl tfl nkopiey stirtlh wkrgmea tflrl me 022> uehlr iouctm`mccmke-hkccir omcmtiry nketrint.
Ictfkuaf Ficcm`urtke ms eiolh me tflciwsumt, tfl intmvmty mevkcvlh wis ippir-letcy nirrmlh kut pursuiet tk i G@P
nketrint. Nfrmstmei Jkuetime, i ciwylr rlprlsletmea tfl jiomcmls kj tfl trung hrmvlrs wfk wlrl gmcclh me tfl nkevky ieh tfl hrmvlrs wfk survmvlh, fih tfmstk siy i kut tfl rucmea4
Ql `lcmlvl tfly (tfl nkurt)ippcmlh tfl ciw prkplrcy tk tfl
jints is wlcc is tk tfl icclaitmkes
ieh niusls kj intmke me tfl nisl.
\ehlr tfl ipplics nkurt rucmea, tfltrung hrmvlrs jiomcmls wmcc `l i`cl tkprkvl tflmr jriuh ieh omsrlprlsleti-tmke ncimos iaimest G@P kvlr tflnkopieys fmrmea printmnls wmtfkutslnkeh-aulssmea tfl Iroys intmkes.Fkwlvlr, tfl elacmalenl ncimos oiy mopcmnitl tfl pkcmtmnic qulstmke hkn-trmel, innkrhmea tk Duhal ^kutfwmng.Jkr tfit rliske, tfl duhal wrktl,
jurtflr jintuic hlvlckpolet vlry oiy wlcc hlokestritl tfit tfksl ncimos irl`irrlh. Mt wmcc `l metlrlstmea tk sllfkw tfms nisl wmehs up. Fkpljuccy, tflciwylrs jkr tfl pcimetmjjs wmcc `l i`cl tk
wmtfstieh ieh kvlrnkol tfl hljle-hiets nficcleals. Xfl pkcmtmniccy-nke-elntlh hljlehiets me tfms nisl irloigmea i jkrtuel kut kj tfl Mriq wir,`ut tfits i stkry jkr iektflr hiy!^kurnl4 Issknmitlh Rrlss
K ZLP K EL F \EHPLH K PAIEMTIXMKE^ @ ING J LHLPIC Q KPGLP Q FM^XCL@CKQLP P MAFX^
I nkicmtmke kj 990 rlcmamkus,snmletmjnkesuolr, nmvmc cm`lrtmls, nmvmc rmaplinl, soicc- usmelss, ci`kr, cm`lrtirmie,
dkureicmso, levmrkeoletic, ieh akkh-akvlreolet kraiemzitmkes, rlprlsletmeaomccmkes kj Iolrmnies, ms uramea gly \.^.^leitl ieh Fkusl elaktmitkrs tk iarlltk tfl strkealst pkssm`cl jlhlriclopckyll wfmstcl`ckwlr prktlntmkes.Xfly wiet i `mcc hlcmvlrlh tfms ylir tkRrlsmhlet @usf. Me i clttlr hlcmvlrlh tkNipmtkc Fmcc cist oketf, i hmvlrsl irriy kj kraiemzitmkes, mencuhmea tfl Iolrm-nie Nmvmc Cm`lrtmls \emke,^knmlty kj Rrjlssmkeic Dkureicmsts,Iolrmnie Issknmitmkekj ^oicc @usmelss Kwelrs, Nkesuolrs\emke, tfl Cm lrty Nkicmtmke ieh tflPutflrjkrh Mestmtutl, primslh nkearls-
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smkeic wfmstcl`ckwlr rmafts clihlrs jkr tfl stlps tfly fivl tigle tk nkencuhlie lmaft-ylir struaacl tk prkvmhl olie-meajuc wfmstcl`ckwlr prktlntmkes tkjlhlric lopckylls.
Xfl clttlr wis splirflihlh `y tflAkvlreolet Innkueti`mcmty Rrkdlnt(AIR), Ru`cmn Nmtmzle, tfl Rrkdlnt KeAkvlreolet Kvlrsmaft (RKAK), iehtfl \emke kj Nkenlrelh ^nmletmsts(\N^). ^trkealr wfmstcl`ckwlr prktln-tmkes irl `ihcy ellhlh. Xfl pu`cmn,ieh tfl arkups tfit rlprlslet tflo,hljmel tfit tk olie dury trmics jkr icclopckylls pimh `y tfl tixpiylrs.Akvlreolet nkrruptmke sustimelh `y slnrlny niet `l tkclritlh ieh
wfmstcl`ckwlrs irl tfl pu`cmns lylsieh lirs.
Cist ylir, `ktf tfl Fkusl ieh ^leitl
pisslh vlrsmkes kj wfmstcl`ckwlr rmaftsclamscitmke hlsmaelh tk rlstkrl olie-meajuc prktlntmkes tk jlhlric lopckylls
wfk lxpksl wistl, jriuh, i`usl, iehmcclaicmty. Kvlr tfl pist slvlric oketfs,tfl Fkusl Kvlrsmaft ieh AkvlreoletPljkro Nkoomttll ieh tfl ^leitlFkolcieh ^lnurmty ieh Akvlreoletic
Ijjimrs Nkoomttll fivl `lle olltmeamejkroiccy tk rlskcvl hmjjlrlenls`ltwlle tfl twk `mccs. ^leitkrs Hiemlc
Igigi (H-FM),Dkslpf Cml lroie (M-NX),ieh ^usie Nkccmes (P-OL) irl nfiopm-kemea tfl olisurl me tfl leitl.Me tflFkusl, clih spkeskrs ieh elaktmitkrsmencuhl Plps. Flery Qixoie (H-NI),Xko Hivms (P-ZI), Xkhh Rcitts (P-RI),ieh Nfrms Zie Fkccle (H-OH).Xfms clams-citmke ms ie lssletmic `umchmea `ckng tkwirh rlstkrmea i okrl innkueti`cl,rlspkesm cl, ieh ljjlntmvl akvlreoletjkr icc kj mts nmtmzles.
Me tfl clttlr, tfl 990 arkups kjjlr
tflmr suppkrt tk lxplhmtmkuscy nke-ncuhl tfl rlnkenmcmitmke kj tfl twk`mccs.Xfl clttlr stmpucitls tfit nlrtimerljkros oust `l pirt kj i oliemeajuc,jmeic nkoprlflesmvl wfmstcl`ckwlr ciw, sunf is4
Lesurmea tfit tfl juehioletic rmafttk i dury trmic me i jlhlric nkurt ms prk-
vmhlh tk icc jlhlric lopckylls7
Mencuhmea splnmjmn prktlntmkes jkr snm-letmst-wfmstcl ckwlrs7 ieh
Lxtlehmea oliemeajuc prktlntmkesjkr eitmkeic slnurmty wfmstcl`ckwlrsit tfl J@M ieh metlccmalenl ialenmls.
Ru`cmn Nmtmzle fis `lle jmaftmea tkprktlnt wfmstcl`ckwlrs ieh tflmr
ljjkrts sfkuch ekw piy kjj. Hivmh Irgusf, hmrlntkr kj Ru`cmn NmtmzlesNkearlss Qitnf hmvmsmke, fih tfms tk siy i`kut tfl ellh jkr Nkearlss tk int4
Akvlreolet wkrglrs wfk wireus kj wistl, jriuh ieh i`usl
sfkuch `l prktlntlh, ekt pue- msflh. Icc jlhlric lopckyllsmencuhmea snmletmsts, nketrintkrs,ieh metlccmalenl ialetssfkuch `l i`cl tk lxpksl wrkeahkmea
wmtfkut jlir kj rlprmsic.Nkearlss sfkuch sleh i `mcc wmtf ie ueoms- tigi`cl olssial tk tfl Qfmtl
Fkusl4 Ql stieh `y tfl pitrmktswfk gllp tfl pu`cmn trust.
Mt sfkuch `l ektlh tfit tfl nrmtmnicrljkros jkr akvlreolet snmletmsts ieheitmkeic slnurmty wfmstcl`ckwlrspisslh tfl Fkusl `y ie kvlrwflcomea,
vltk-prkkj oirame, hlspmtl i tfrlitjrko tfl ihomemstritmke tk vltk tflFkusl `mcc, F.P. =6
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98>,222 trimclrs slet tk tfl Aucj Nkistme 022:. JLOI ieh tfl Nletlrs jkr Hmslisl Nketrkc ieh Rrlvletmke,hmhetlvle `lame uetmc tfms pist Jl`ruiry tkalt jkcgs kut kj tflsl trimclrs.Innkrhmeatk olo`lrs kj Nkearlss ieh NHNmesmhlrs,tfl ialenmlshlciy me rlnkaemz-mea tfl hiealr fis niuslh prk`clos. Mtfis rlsuctlh me tflrl `lmea ek pcie mepcinl tk trlit nfmchrle is tfly arkw kchlr. Nfrmstkpflr Hl Pksi, issmstiethmrlntkr jkr tkxmnkckay ieh rmsg isslss-olet it tfl jlhlric Ialeny jkr Xkxmn^u`stienls ieh Hmslisl Plamstry, ieiro kj tfl NHN,k`slrvlh4
Mts triamn tfit wfle plkpcl okst ellh tfl prktlntmke, tfly irl intu- iccy akmea jrko kel hmsistlr tk iflictf hmsistlr tfit omaft `l nke-
smhlrlh wkrsl. Amvle tfl ckealr- tlro mopcmnitmkes kj lxpksurltfit wlet ke jkr i smaemjmniet
plrmkh kj tmol, plkpcl sfkuch `l jkcckwlh tfrkuaf tmol jkr pkssm`clljjlnts.
Xfl Levmrkeoletic Rrktlntmke Ialeny fis ncissmjmlh Jkroichlfyhl isi prk i`cl nirnmekale, kr nienlr-niusmea su`stienl.Xflrl ms ek wiy tkolisurl jkroichlfyhl me tfl `ckkh-strlio. Plspmritkry prk`clos irl ielircy smae kj lxpksurl.]kuea nfmchrleirl it pirtmnucir rmsg. Xfkusiehs wfkcmvlh me trimclrs wmcc `l me tfl prmol kj cmjl me tfl 92 tk 9< ylirs hkntkrs`lcmlvl mt tigls nienlr jrko tfms skurnltk hlvlckp. JLOI ieh NHN rlpkrts skjir fivl hriwe nrmtmnmso me Nkearlss.Xfl okrl wl clire i`kut tfl Gitrmei-rlcitlh prk`clos tfl wkrsl tfmeassllo tk `l.
I NHN stuhy rlclislh ke Oiy 6 tf
lxiomelh rlnkrhs kj 988 Omssmssmppmnfmchrle, skol kj wfko cmvlh me trimc-lrs ieh ktflrs wfk hmh ekt. @ut tflstuhy wis nkejmelh tk nfmchrle wfkfih it clist kel hkntkrs vmsmt jkr rlspm-ritkry mccelss ljkrl Gitrmei. Mt wis simhtk `l ciralcy menkencusmvl, jmehmea nfmc-hrle wfk wlet tk hkntkrs `ljkrl tfl
Iuaust 022< stkro wlrl stmcc vmsmtmeatflo twk ylirs citlr.I ciralr, jmvl-ylir
NHN stuhy wmcc mencuhl up tk 22,222kj tfksl wfkvl slrvlh me tflsl wirsfivl syoptkos. Plairhclss kj fkw iplrske jllcs i`kut tfl mcc-ihvmslh wir me Mriq, kur akvlreolet fis i claic iehokric huty tk tigl nirl kj icc tfl oleieh wkole wfk fivl put tflmr cmvlske tfl cmel jkr tflmr nkuetry.Xflrl fivl`lle ckts kj mestienls wflrl tfkslrlturemea trkkps fivl `lle ciralcy maekrlh ieh tfits melxnusi`cl.^kurnl4 Issknmitlh Rrlss
K \P R \@CMN K JJMNMIC^ M E Q I^FMEAXKE F IH @ LXXLP Q IGL \ R
Xfl nkopiey rlspkesm`cl jkr puttmeaArieh Xfljt Iutk MZ ke tfl oirglt msalttmea jmctfy rmnf, ieh tfl aiol ms hkmeaarlit firo tk ykuea plkpcl ieh tk tfmsnkuetry.Xfl rlclisl kj tfl vmhlk aiolfis icsk `lle i jmeienmic sunnlss jkr ieuo`lr kj nkrpkritmkesme ihhmtmke tktfl kutjmt rlspkesm`cl jkr puttmea tfms
vmhlk aiol ke tfl oirgltieh tfit
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fis `lle ciralcy kvlrckkglh. Omnrkskjt,oiglr kj tfl V`kx >:2, `rias tfit tflrlclisl kj tfl vmhlk aiol hrkvl upsicls kj aiomea nkeskcl firhwirl `y 22 `mccmme jmsnic 0222, wfmcl tfl euo lr kj
iuhmtkrs lssletmiccy rloimelh nkestiet.Xfit cljt mehmvmhuic iuhmtkrs rlspkesm`cl jkr okrl tfie $0 `mccmke linf mehljlesl splehmea cist ylir, up jrko tfl$:80 omccmke linf iuhmtkr fih tkkvlrsll me 0222.
Mt ipplirs tfit ciral iokuets kj omcm-tiry splehmea fivl rlnlmvlh cmttcl tk ekkvlrsmaft, innkrhmea tk tfl rlpkrt.XflRletiake witnfhkas wlrl i`cl tkprkvmhl sujjmnmlet iuhmt nkvlrial tk
dust $99: `mccmke tfl
Rletiake splet ke wlipkes inqumsmtmkescist ylir.Xfl iuhmt plrskeelc wrktl4
Xfl nipi`mcmtmls kj tfl Wmesplntkr alelric_ irl ekt gllpmea pinl, metlros kj quicmjmlh plrskeelc, wmtftfl arkwtf me tfl smzl kj tflhljlesl `uhalt ieh tfl euo`lrskj nketrints.Xfl nketmeuic hlari- hitmke kj iuhmt rlskurnls... clivls
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tfl Hlpirtolet okrl vucelri`cltk jriuh, wistl, ieh i`usl ieh uehlromels tfl hlpirtoletsomssmke.
Plnlet omcmtiry-nketrintmea sniehicsieh jriuh nisls fivl `lle i oittlr kj arlit nkenlre. Mt ekw ipplirs tfit tflcing kj lekuaf trimelh iuhmtkrs tk
prlvlet sunf i`usls jrko knnurrmea metfl jmrst pcinl ms i rlic prk`clo. Me tflsprmea kj 022ieh 0228 jimclh tk gllp prkplr rlnkrhske $6=.8 omccmke ieh nkuchet innkuetit icc jkr ie ihhmtmkeic $1.0 omccmke.
Innkrhmea tk tfl mesplntkr alelric, itclist skol kj tfl okely ipplirlh tkfivl `lle stkcle. Omcmtiry kjjmnmics ittfl tmol nketrm`utlh tfl jimcmeas, mepirt, tk i cing kj ihlquitl euo`lrs kj akvlreolet iuhmtkrs. Xfl Oirnf slcj-isslssolet `y tfl Rletiake iuhmtkrs
wis wrmttle it tfl hmrlntmke kj Nke-arlss ieh k`timelh `y tfl Rrkdlnt keAkvlreolet Kvlrsmaft, i prmvitl
witnfhka arkup me Qisfmeatke. Emng ^nfwlccle`inf, tfl arkups eitmkeicslnurmty mevlstmaitkr,nkooletlh7
Xfl Rletiakes tkp nkp ms kut- aueelh ieh mts fmaf ekke. Mts stueemea tfit wlvl `lle spleh- mea sk ounf jkr sk ckea wmtf skcmttcl kvlrsmaft.
Me tfms ylirs `uhalt, Nkearlssipprkvlh ie ihhmtmkeic $08 omccmke jkr Rletiake iuhmtkrs. @ut tfl iuhmtkrs,innkrhmea tk tfl rlpkrt, wmcc ellh itclist $0< omccmke okrl tk ollt tflmr rlqumrlolets.Xfl Rletiake mesplntkr alelric simh mt pcies tk fmrl it clist 869plrskeelc me tfl elxt slvle ylirs,lxpiehmea tk okrl tfie 9,=22 jucc-tmollopckylls. Mj kur akvlreolet ms akmeatk `l nipi`cl kj stkppmea jriuh iehi`usl wfle mt nkols tk akvlreoletnketrints, Nkearlss oust prkvmhl tfljuehs elnlssiry jkr iuhmtkrs ieh ktflr plrskeelc rlqumrlh tk mevlstmaitl jriuhieh nkrruptmke.^kurnl4 Qicc ^trllt Dkureic
ZM.XFL NKPRKPIXLQKPCH
@ PKNIHL X K ^ LXXCL @ INGHIXMEA ^ \MX J KP $9:2 O MCCMKE
@rknihl Nkoouemnitmkes fis iarllhtk piy mevlstkrs $9:2 omccmke tk rlskcvli nciss-intmke ciwsumt irmsmea jrko iccl-aitmkes tfit icrlihy fivl clh tk i nrmom-eic nkevmntmke kj jkrolr nfmlj lxlnutmvl Arlakry Plyls.Xfl @rknihlslttcloletirmsmea kut kj tfl stkng-kptmkes `inghitmea sniehicms tflciralst tk hitl iokea hkzles kj nislsjmclh me tfl eitmkewmhl sniehic kvlr rmaalh stkng-kptmke nkoplesitmke.^lvlric kj tflsl sniehics mevkcvlh
^mcmnke Ziccly jmros.Xfms ms kel kj tfltkp rlnkvlrmls me tlros kj ritmk kj slttcl-olet tk hioials skuaft `y iaarmlvlhmevlstkrs tfit M io iwirl kj.IrgiesisRu`cmn Lopckylls Pltmrlolet ^ystlo
wis tfl clih pcimetmjj me tfms nisl. I ^ie Jrienmsnk jlhlric nkurt ruclh
me Oiy tfit @rknihl, i ^ie Dksl-`islhoiglr kj eltwkrgmea firhwirl, wisclaiccy rlspkesm`cl jkr Plyls nkehuntieh wkuch fivl tk piy hioials.Xflslttclolet ms su`dlnt tk nkurt ipprkvic.Xfl @rknihl nisl fis `lle nckslcy
witnflh me ^mcmnke Ziccly, me pirt`lniusl kj tfl fmaf-prkjmcl plrskeicm-tmls mevkcvlh me tfl nisl.Is wl prlvm-kuscy rlpkrtlh,Plyls wis sletlenlh me
Dieuiry tk 09 oketfs me prmske iehjmelh $9< omccmke jkr fms rkcl me fue-hrlhs kj mestienls kj `inghitmea. MeOirnf, @rknihls jkrolr fuoierlskurnls nfmlj, ^tlpfieml Dlesle, wissletlenlh tk jkur oketfs me prmske
ieh krhlrlh tk piy i $9.0< omccmke jmeljkr flr rkcl.^menl okst slnurmtmls jriuh nciss
intmke sumts slttcl jkr clss tfie 92% kj mevlstkr ckssls, tfms $9:2 omccmke slttcl-olet wis i arlit kel.Mts nlrtimecy kelkj tfl ciralstmj ekt tfl ciralst`ing-hitmea slttclolets tk hitl.Xfl jint tfitmts ncksl tk i 922% rlnkvlry kj tfl ncissstktic hioials oigls mt okst smaemjmniet.
Xfl @rknihl nisl wis lo`cloitmn kj ieitmkeic sniehic mevkcvmea snkrls kj nkopiemls tfit wlrl jkueh tk fivlmoprkplrcy oiempucitlh tfl vicul kj kptmkes, `ut jimclh tk hmsncksl tflmr intmkes. Kptmkes prkvmhl rlnmpmlets
wmtf tfl rmaft tk uy i sfirl kj stkng iti slt prmnl, typmniccy tfl ncksmea sfirlprmnl ke tfl hitl i ariet ms oihl. @rih@lngwkrtf, i Xlxis ciwylr, rlprlsletlhtfl clih pcimetmjj me tfms nisl ieh hmh isuplr dk`.^kurnl4 Olrnury Elws
O LHXPKEMN X K R I] $1< O MCCMKE X K ^ LXXCL CIQ^\MX
\ehlr i rlnletcy iarllh upke slttcl-olet, Olhmnic hlvmnl oiglr OlhtrkemnMen. wmcc piy $1< omccmke tk slttcl jriuhicclaitmkes wmtf tfl jlhlric akvlre-olet. Xfl Hlpirtolet kj Dustmnlnfiralh tfit spmeic nitfltlr oiglr Gypfke, `ljkrl mts Ekvlo`lr 0221inqumsmtmke `y Olhtrkemn, jriuhucletcy niuslh fkspmtics tk jmcl mejcitlh rlmo-`urslolet ncimos wmtf Olhmnirl jkr `ing suralry gekwe is gypfkpcisty.Jlhlric prkslnutkrs oimetimelh tfittfl nkopiey wrkeajuccy oirgltlh tflprknlhurl ieh hljriuhlh Olhmnirl kj
fuehrlhs kj omccmkes kj hkccirs.Olhtrkemn wmcc smae i nkrpkritl metl-armty iarllolet wmtf tfl Kjjmnl kj Mesplntkr Alelric jkr tfl Hlpirtoletkj Flictf ieh Fuoie ^lrvmnls, is pirtkj tfl slttclolet.Xfl nkopiey rlpkrtstfit tfl iokuet rlqumrlh tk `l pimhuehlr tfl slttclolet fih icrlihy `lleslt ismhl `ljkrl tfl nkopiemls olralr
wis nkopcltl.Mt wis icclalh tfit Gypfke, wfmnf
Olhtrkemn inqumrlh me 0221, moprkp-
lrcy plrsuihlh fkspmtics tk gllpplkpcl kvlremaft jkr i smopcl kutpi-tmlet prknlhurl tk rlpimr soicc jmssurlskj tfl spmel. Olhmnirl tfle rlmo`urslhtfl fkspmtics it i ounf fmaflr nksttfie mt ktflrwmsl wkuch fivl jkr tflprknlhurl, wfmnf wis hlvlckplh is iekemevismvl ipprkinf tfit nkuchusuiccy `l hkel me i`kut ie fkur. @y oirgltmea mts prkhunts tfms wiy,
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Gypfke wis i`cl tk irtmjmnmiccy hrmvl uphloieh iokea fkspmtics, menrlismea mtsrlvleul ieh hrmvmea up mts stkng prmnl.Olhtrkemn su`slquletcy `kuaft tflnkopiey, mts nkopltmtkr, jkr $>.=`mccmke, oigmea Gypfkes slemkr lxlnu-tmvls vlry rmnf.
^menl wl fivl slle sk oiey nisls kj nkrpkritmkes nflitmea tfl akvlreolet,M io akmea metk okrl hltimc ke fkw tfmsjriuhuclet snflol wkrgs.
Xfl snflol it Gypfke wis `islh keOlhmnirls printmnl kj rlmo`ursmea fkspm-tics okrl jkr nkopclx mepitmlet `ing suralry tfie jkr kutpitmlet nirl. Mt wisicclalh tfit Gypfke fih hlcm lritlcy uralhhkntkrs tk ihomt pitmlets kvlremaft,gekwmea tfl ihomssmkes wlrl ueelnls-siry.Fkspmtics,sllmea tfl kvlremaft ihoms-smkes is i wiy tk rimsl rlvleul, `kuaft
Gypfkes prkhunts, lvle tfkuaf tfly wlrl lxplesmvl,stirtmea it $>,> iarllolets tk slttcl pitlet cmt-maitmke `ltwlle `rieh-eiol hrua nko-piemls ieh alelrmns mencuhlh `ktf irlstrmntmke ke tfl alelrmn nkopieysi`mcmty tk oirglt i hrua ieh nkoplesi-tmke tk tfl alelrmn oieujinturlr.XflNkoomssmke oimetimes tfit `y dioomeatfl pmplcmel kj nfliplr hruas, iarll-olets kj tfit skrt firo nkesuolrs.Xflialeny fis sulh tk `ckng skol iarll-olets ieh ms suppkrtmea clamscitmke meNkearlss tfit wkuch `ie tfl printmnl.
Mts ippirlet tfit tfl JXN fis fihcmomtlh sunnlss me `ckngmea slttcl-olets. Xwk ipplics nkurts ruclh me022< tfit smomcir iarllolets rlinflh`y ^nflrmea Rckuaf Nkrp. ieh IstriTlelni RCN wmtf alelrmn nkopiemls
wlrl claic.Xfl JXNs rlpkrt rlvliclh tfit slttcl-
olets wmtf rlstrmntmkes ke alelrmnhrua oiglrs menrlislh jrko tfrll mejmsnic ylir 022< tk 98 me 022:, tfl sioltktic is cist ylir. Hrua nkopiemls irl
rlqumrlh tk rlpkrt tfl slttclolet kj pitlet cmtmaitmke wmtf alelrmn hruaoiglrs uehlr i 022> ciw. JXN Nkooms-smkelr Dke Clm`kwmtz k`slrvlh4
Riy-jkr-hlciy slttclolets nketmeultk prkcmjlritl.Xfits akkh elws jkr tfl pfiroinlutmnic mehustry, wfmnfwmcc oigl wmehjicc prkjmts jrkotflsl hlics. @ut mts `ih elws jkr nkesuolrs, wfk wmcc l cljt jkktmea tfl `mcc.
Xfl JXN hmh ekt eiol iey nkopi-emls me mts rlpkrt. Rfiroinlutmnic nko-piemls ieh skol alelrmn oieujinturlrshljleh tfl slttclolets is i wiy tkrlhunl nkstcy cmtmaitmke ieh icckw alelrmn nkopiemls tk metrkhunl nfliplr hruas `ljkrl pitlets lxpmrl.Xfl JXNsiys tfit tfl okst nkooke jkro kj nkoplesitmke `y tfl hrua nkopiemls
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tk alelrmns, mencuhlh me 99 kj tfl 98slttclolets, wis ie iarllolet tk ektmetrkhunl i nkopltmea alelrmn hruakenl i alelrmn nkopiey ms i`cl tkmetrkhunl mts prkhunt.
Me tfl ktflr tfrll nisls, tfl nkopi-emls rlinflh smhl iarllolets tfiticckwlh tfl alelrmns tk oirglt prkh-unts tfit wlrl ekt tfl su`dlnt kj tflpitlet cmtmaitmke. Me Jl`ruiry, tfl JXNinnuslh Nlpficke Men. me i ciwsumt kj mcclaiccy ckngmea alelrmn nkopltmtmketk mts hrua Rrkvmamc, wfmnf nko`itsscllpmelss me pitmlets wmtf scllp hmskr-hlrs. Xfl JXN simh tfl nkopiey pimhjkur alelrmn hrua oiglrs $022 omccmkeis pirt kj iarllolets rlinflh me 022 omccmke jkr okrl tfie 9,122
vlsts skch `y Irokr Fkchmeas tfit nke-timelh Fkelywlccs Tycke ^fmlch`ltwlle 0222 ieh 022
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IAI O LHMNIC N KPRKPIXMKE A LX^ @ PM@LP] R PK^LN\XMKE H LJLPPLH
IAI Olhmnic Nkrpkritmke (IAI), iprmvitlcy-flch olhmnic hlvmnl oieujin-turlr, wis nfiralh cist oketf wmtf `rm`mea Nfmelsl kjjmnmics. @ut, `y fivmeamts prkslnutmke hljlrrlh, tfl nkopiey
wmcc alt kut kj tfl prk`clo `y piymea
$0 omccmke.IAI splnmicmzls me tfl oie-ujinturl kj prkhunts hlsmaelh jkr tflomemoiccy mevismvl trlitolet kj nke-alemtic flirt hljlnts. Xfl twk-nkuetnrmomeic mejkroitmke nfiralh IAI wmtf kel nkuet kj nkespmrmea tk oigl `rm`lpiyolets tk Nfmelsl kjjmnmics ieh kelnkuet kj vmkcitmea tfl JNRI me nkeeln-tmke wmtf tfl iutfkrmzitmke kj splnmjmnnkrrupt piyolets tk kjjmnmics me Nfmei.
Mt wis icclalh tfit `ltwlle 9==1 ieh022.9 omccmke tk ck``y tfl jlhlric akv-lreolet ke lelray tix nrlhmts,ncmoitlnfieal ieh ktflr mssuls me tfl jmrstquirtlr kj tfl ylir.Xfl nkopiey icskck``mlh ke virmkus ipprkprmitmkes `mccsieh ke clamscitmke hlicmea wmtf nke-suolr prkhunt sijlty iokea ktflr tfmeas. LxxkeOk`mc splet okrl tfie$9:.= omccmke tk ck``y tfl jlhlric akv-lreolet me 0221. Kj nkursl, tflnkopiey ieh mts kjjmnlrs ieh lopcky-llsis wlcc is ciw jmros ieh nkesuct-
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iets wfk wkrg jkr tfloicsk nke-trm`utl fual suos tk pkcmtmnic nio-pimaes.
Xfl kmc amiet icsk nketrm`utls tk tflsfihkw arkups (.Is wl fivl rlpkrtlh, tfl ruclrlqumrls i vlfmncl tk wmtfstieh it clist9.< tmols tfl wlmaft kj tfl vlfmncl,sckwcy ippcmlh tk kel smhl kj tfl
vlfmncl `y wfit ms nicclh i stitmnnrusflr. Xfl elw prkpksic wkuchmenrlisl tfit stiehirh tk 0.< tmols tfl
wlmaft kj tfl vlfmnclpkssm`cy tk `ktf smhlsieh omaft mencuhl i nketrkvlr-
smic prlloptmke nciusl tfit wkuchlssletmiccy gllp nkesuolrs jrko jmcmeaciwsumts iaimest iutkoiglrs wfksl
vlfmncls gmcc kr medurl tflo me rkcckvlrs. Ictfkuaf rkcckvlrs nkoprmsl clss
tfie
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hyeiomn tlstmea, EFX^I fis maekrlh inkearlssmkeic oiehitl tk rlhunlrkcckvlr hlitfs, wfmnf fivl suralh
wmtf tfl pkpucirmty kj tkp-flivy spkrtutmcmty vlfmncls.Me mts 022< fmafwiy `mcc,Nkearlss hloiehlh tfit EFX^I wrmtlelw plrjkroienl stiehirhs tfit wkuchmoprkvl vlfmncl sti`mcmty, rlhunl pis-slealr ldlntmkes ieh menrlisl rkkj strleatf. Xfl clamscitmke icsk nclircy nicclh jkr tlstmea `ktf smhls kj tfl
vlfmncl rkkj. ^tuhmls sfkw tfit tflmemtmic mopint kj i rkcckvlr nie `rlig tfl wmehsfmlch, wfmnf nie su`stietmiccy
wligle tfl ktflr smhl kj tfl rkkj,arlitcy menrlismea tfl nfienl mt wmccnruopcl ieh medurl tfl knnupiets.
Mestlih, EFX^Is prkpkslh rucl rlcmlsskclcy ke olisurmea tfl i`mcmty kj tflhrmvlrs smhl rkkj tk rlsmst 0.< tmols tfl
vlfmncls wlmaft, wfmnf ms ie menrlisljrko tfl lxmstmea stiehirh `ut hkls
vlry cmttcl `y mtslcj tk moprkvl sijlty,Nciy`rkkg simh. EFX^I lstmoitls tfitmts prkpksic wmcc sivl, it okst, kecy 81:cmvls i ylir.Xflsl lstmoitls sfkw tfitEFX^I fis elmtflr ckkglh it tflprk`clo kj rkcckvlr jiticmtmls me i elw cmaft ekr oihl i rlic ittlopt tk nkrrlnttfl prk`clo, Nciy`rkkg simh. Me tfljinl kj okrl tfie 92,
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tk iutmso,IHFH,cliremea hljmnmts,mejlr-tmcmty, ieh `mrtf hljlnts. Ictfkuaf tflgekwclhal i`kut tfl cmeg `ltwllenflomnic lxpksurl ieh fuoie hmslislarkws, tfl akvlreolet fis icokst ekiutfkrmty tk prktlnt plkpcl jrko lxpk-surl tk lvle tfl okst fizirhkus nflo-mnics ke tfl oirglt.
^leitkr Jrieg Ciutle`lra ieh Plprl-sletitmvls Fmchi ^kcms ieh Flery
Qixoie fivl metrkhunlh `mccs me tflFkusl ieh ^leitl tk prktlnt Iolrm-nieslsplnmiccy nfmchrlejrko tkxmnnflomnics me lvlryhiy nkesuolr prkh-unts.Xflmr `mcc, tfl Gmh-^ijl Nflomnics
Int (G^NI), sfkuch `l pisslh `y Nke-arlss.Xfl nurrlet ciw hkls ekt rlqumrlnflomnics tk `l prkvle sijl tk alt ketfl oirglt kr stiy ke tfl oirglt.\ehlr X^NI, tfl LRI fis ek iutfkrmty
tk hloieh tfl mejkroitmke mt ellhs tklvicuitl i nflomnics rmsg. Elmtflr oie-ujinturlrs ekr tfl LRI irl rlqumrlh tkprkvl i nflomnics sijlty is i nkehmtmkekj usl, wfmnf ms hmjjmnuctmj ekt mopks-sm`cltk uehlrstieh. Xfl Gmh- ijlNflomnic Int wmcc nfieal icc tfmstfrkuaf i juehioletic kvlrfiuc kj kur eitmkes nflomnic rlaucitkry ciw.^plnmjmniccy,tfl Gmh-^ijl Nflomnics Int4
rlqumrls tfit mehustrmic nflomnics `l
sijl jkr mejiets,gmhs ieh ktflr vucelr-i`cl arkups7
rlqumrls tfit elw nflomnics `lsijlty tlstlh `ljkrl tfly irl skch7
rlqumrls nflomnic oieujinturlrs tktlst ieh prkvl tfit tfl :0,222 nflom-nics icrlihy ke tfl oirglt tfit fivlelvlr `lle tlstlh irl sijl me krhlr jkr tflo tk rloime me nkoolrnl7
rlqumrls LRI tk rlvmlw prmkrmty
nflomnics, tfksl wfmnf irl jkueh meplkpcl, ke ie lxplhmtlh snflhucl7
rlqumrls rlaucir `mkokemtkrmea tkhltlromel wfit nflomnics irl meplkpcl ieh me wfit iokuets7
rlqumrls rlaucir uphitls kj flictf ieh sijlty hiti ieh prkvmhls LRI
wmtf nclir iutfkrmty tk rlqulst ihhm-tmkeic mejkroitmke ieh tlsts7
prkvmhls menletmvls jkr oieujintur-lrs tk jurtflr rlhunl flictf fizirhs7
rlqumrls LRI tk prkoktl sijlr ictlr-eitmvls ieh ictlreitmvls tk iemoictlstmea7
prktlnts stitl ieh cknic rmafts7ieh
rlqumrls tfit tfms mejkroitmke l pu -cmncy ivimci`cl.
Rissial kj tfl Gmh-^ijl Nflomnics Int wmcc amvl kur nfmchrle i sijlr iehflictfmlr juturl. Mj yku iarll, nketint
ykur \.^.^leitkrs ieh Fkusl olo`lrsieh isg jkr tflmr suppkrt. Xfms ms tkkmopkrtiet ie mssul jkr us tk smt ke tflsmhlcmels ieh hk ektfmea.^kurnl4 Elws Plclisl jrko tfl kjjmnl kj leitkrCiutle`lra
MV.RPKH\NXCMI@MCMX] \RHIXL
I E LQ Q IPEMEA P LCIXMEA X K I ALH X MPL^
Ijtlr ylirs kj hlciy, tfl EitmkeicFmafwiy Xrijjmn ^ijlty Ihomemstritmkefis jmeiccy mssulh i nkesuolr ihvmskry,
wiremea oktkrmsts tfit kuthitlh tmrls,lvle mj tfly ipplir tk `l `rieh elw,nie clih tk nitistrkpfmn jimcurl.Ql
wrktl ke tfms mssul cist oketf. EFX^I fis hriaalh mts jllt ke tfl mssul iehtfits jimrcy typmnic kj tfl wiy tflialeny fis hlict wmtf sijlty mssuls. Metfms mestienl mt wis firh tk uehlrstiehtfl hlciy `lniusl kj tfl ialenys pistingekwclhalolet tfit ialh tmrls irl islrmkus sijlty rmsg.^lie Giel,wfk ms ieiutk sijlty lxplrt, fih pltmtmkelh
EFX^I me 0228 tk mssul i nkesuolr ihvmskry ke ialh tmrls, `ut uetmc tfmsihvmskry ek intmke fih `lle tigle. Menkooletmea ke tfl ialenys intmke,Or.Giel k`slrvlh4
Xfl vlfmncl mehustry, tfl tmrlmehustry ieh tfl akvlreolet fivl gekwe i`kut tfms prk`clo
jkr ylirs, `ut nkesuolrs fivl`lle glpt me tfl hirg.
EFX^Is ihvmskry wires oktkrmsts istfly prlpirl jkr suoolr trivlc tfitKch tmrls icsk irl su`dlnt tk arlitlr strlss, wfmnf menrlisls tfl cmglcmfkkhkj nitistrkpfmn jimcurl.Xfl ihvmskry icsk mejkros nkesuolrs fkw tk hltlr-omel tfl ial kj tflmr tmrls `y rlihmeatfl HKX nkhl ke tfl smhlwicc.I 02/02mevlstmaitmke `y I@N Elws metk tflhiealrs kj ialh tmrls akt ckts kj pu`cmnittletmke. Xfl mevlstmaitmke hltimclhfkw is tmrls ial, tfly nie hry kut ieh`lnkol `rmttcl, clihmea tk i pkssm`clnitistrkpfmn trlih slpiritmke. Hlspmtlokrl tfie 922 hlitfs me tfms nkuetry ittrm`utlh tk ialh tmrls, EFX^I turelhhkwe i pltmtmke `y Jkrh Oktkr Nk. tkmopksl i smx-ylir sflcj cmjl ke tmrls.Xfmsihvmskry hkls ektl tfit skol tmrl ieh
vlfmncl oieujinturlrs fivl mssulh rln-
koolehitmkes jkr rlpcinmea tmrls tfitrieal jrko smx tk tle ylirs kj ial. Nke-suolrs irl ihvmslh tk nflng wmtf tflmr tmrl kr vlfmncl oieujinturlr jkr spl-nmjmn aumhienl.^kurnl4 I@N Elws
^ XKZL^ X FIX N IE X MR K ZLP N PLIXL IF ITIPH
Kur jmro fis fiehclh i euo lr kj
ciwsumts mevkcvmea hlitf kr slrmkusmedury niuslh `y i fizirhkus nkehmtmke wflrl tfl nucprmt wis i stkvl. Okstjkcgs hket rlicmzl tfit gmtnfle stkvlsnie `l fizirhkus. Xfly hket gekw tfit jrllstiehmea stkvls wfmnf irlmesticclh wmtfkut sijlty `ringlts irllxtrlolcy hiealrkus. ^unf i stkvl nietmp kvlr ieh niusl slrmkus medury iehlvle hlitf. Kvlr tfl ylirs, lvle mj nke-suolrs hmhet gekw i`kut tfms fizirh,tfl oieujinturlrs, rltimclrs ieh tfl
Nkesuolr Rrkhunt ^ijlty Nkoomssmkenlrtimecy fivl. Me jint, tfly fivl fihtfms gekwclhal jkr ylirs. Mts smaemjmniettfit tflmr gekwclhal mencuhlh tfl sti-tmstmnic hiti sfkwmea tfit nfmchrle iehtfl lchlrcy irl tfl okst it rmsg.
I slttclolet mevkcvmea jrllstiehmeaieh scmhl-me ais ieh lclntrmn rieals skch`y ^lirs wis ieekuenlh me Jl ruiry.Xfms slttclolet nicclh jkr piyolets kj
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is ounf is $8.^kurnl4 Ru`cmn Nmtmzle
H LIXF^ I EH ^ LPMK\^ M ED\PML^ N KEXME\L X K O K\EX J KP X FL ] IOIFI P FMEK
Me Jl`ruiry kj tfms ylir, me twk slpi-ritl innmhlets wmtfme omeutls kj linf
ktflr it i rlnrlitmke irli me Nicmjkremi,twk plkpcl wlrl gmcclh wfmcl rmhmea me ]ioifi Pfmek IXZs. Hlspmtl wlirmeaflr slit`lct, 0:-ylir-kch ^tlpfieml IeeGitme wis pirtmiccy ldlntlh jrko irletlh ]ioifi Pfmek tfit wis `lmeahrmvle `y flr fus`ieh. ^fl sujjlrlhjitic flih medurmls is i rlsuct kj tflrkcckvlr. Flr fus`ieh wis ekt medurlh.Xfl slit`lct rlstrimet hmh ektfmea tkflcp rlstrime Gitme hurmea tfl rkcckvlr innmhlet.I olrl =2 omeutls citlr, i 98-
ylir-kch `ky wis gmcclh it tfl siolrlnrlitmke irli ijtlr fl wis ldlntlhjrko i ]ioifi Pfmek me wfmnf fl wisi pisslealr. Xfl rkcc nial kj tfl IXZ ciehlh ke tkp kj fmo rlsuctmea meoissmvl flih medurmls. Me Duel, 0221, iXlxis nkupcl ckst tflmr emel-ylir-kchske me i ]ioifi Pfmek IXZ innmhlet.Xfl IXZ me wfmnf tfl ykuea ky wisrmhmea rkcclh kvlr wfmcl akmea kecy 98.
CIQ^\MX J MCLH I AIME^X O IGLP K J @ I@] @ KXXCL^ Q MXF @RI
Ie Irgiesis wkoie fis jmclh iciwsumt me jlhlric nkurt innusmeaRciytlx Rrkhunts, i Nkeelntmnutnkopiey, kj oigmea pcistmn `i`y `kttcls wmtf i hiealrkus nflomniccmeglh tk slrmkus flictf prk`clos.Xfmsciwsumt, wfmnf ms tfl citlst nficclealmevkcvmea tfl mehustrmic nflomnic
`mspflekc I, sllgs eitmkewmhl nciss-intmke stitus. Mj i nciss ms nlrtmjmlh, tfku-siehs kj plkpcl wfk `kuaft pcistmn`kttcls nketimemea tfl nflomnic jrkoRciytlx kr ktflr nkopiemls wmcc `lmencuhlh.Me Iprmc Nieihi simh tfit tflnflomnic, jkueh me firh pcistmn witlr `kttcls, HZHs, NHs ieh fuehrlhs kj ktflr nkooke mtlos, wis pktletmiccy firojuc ieh tfit mts usl me `i`y `kttclsomaft l `ieelh. ^kol pirlets irlturemea tk aciss `kttcls `lniusl kj tflsijlty nkenlres kvlr `mspflekc I.
Xfl \.^. akvlreolets Eitmkeic Xkxm-nkckay Rrkario siys tflrl wis skolnkenlre i`kut @RI jrko lxplrmoletske rits tfit cmeglh tfl nflomnic tknfieals me `lfivmkr ieh tfl `rime,lircy pu`lrty, ieh pkssm`cy prlnienlr-kus nfieals me tfl prkstitl ieh
`rlist.Qfmcl sunf iemoic stuhmls kecy prkvmhl cmomtlh lvmhlenlkj rmsg, tflakvlreolet ihomts i pkssm`cl ljjlntke fuoies nkuchet `l hmsomsslh.
Qmtf okrl tfie : omccmke pkuehs prk-hunlh me tfl \emtlh ^titls linf ylir,@RI ms jkueh me hletic sliciets, `i`y `kttcls, tfl cmelrs kj jkkh nies, NHsieh HZHs, lylacissls ieh fuehrlhs kj fkuslfkch akkhs. Qic-Oirt, tf l
wkrchs ciralst rltimclr, fis simh mts`i`y `kttcls wkuch `l @RI-jrll lircy elxt ylir.
Rciytlx, wfmnf ms pirt kj Lelramzlr Fkchmeas, `islh me t. Ckums,siys @RI mssijl. Nmtmea nkesuolr nkejusmke,Rciytlx fis kjjlrlh i jrll siopcl kj i`kttcl systlo tfit usls hmspksi`clcmelrs tfit irl @RI-jrll.Xfl nkopiey fis simh mt wmcc nkevlrt tfl `icienl kj mts prkhunt cmel tk @RI-jrll oitlrmics`y tfl leh kj tfl ylir.Xfl nflomnicsmehustry oimetimes tfit pkcynir`keitl
`kttcls nketime cmttcl @RI ieh clinf trinls nkesmhlrlh tkk ckw tk firofuoies. Xfl mehustry nmtls ouctmpclstuhmls me tfl \emtlh ^titls, Lurkplieh Dipie tk `ing up mts ncimos. @uttfl ciwsumt, jmclh me \.^. Hmstrmnt Nkurme Elw Fivle, Nkeelntmnut, nketlehstfit fuehrlhs kj stuhmls ieh piplrsfivl rlplitlhcy sfkwe tfit @RI nie`l tkxmn lvle it lxtrlolcy ckw hksls.
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Xfms nisl wmcc `l witnflh nckslcy jkr juturl hlvlckpolets.^kurnl4 Issknmitlh Rrlss
V.OI^^ XKPX^\RHIXL
\ RFKCHMEA R PLLORXMKE Q K\CH CLIH X K O KPL R FIPOINL\XMNIC N IXI^XPKRFL^
Ql fivl wrmttle oiey tmols i`kuttfl jimcurls kj tfl JHI tk prktlnt tfl
Iolrmnie pu`cmn jrko hiealrkus olh-mnitmkes. Hr. Hivmh Arifio it tflJHI tlstmjmlh me 0228 tfit fl lstmoitlhskolwflrl `ltwlle 12,222 ieh 922,222cmvls wlrl ckst is tfl rlsuct kj Zmkxx. Mt
fis rlnletcy `lle lstmoitlh tfit tflcmvls kj 00,2222 pitmlets nkuch fivl`lle sivlh mj \. . rlaucitkrs fih `llequmnglr tk rlokvl i @iylr hrua uslh tkstlo `cllhmea hurmea kple flirtsuralry, innkrhmea tk i olhmnicrlslirnflr metlrvmlwlh `y N@^ tlclvm-smkes:2 Omeutls prkario.Xfl hruaXrisyckc wis wmtfhriwe me Ekvlo`lr 0221 it tfl rlqulst kj tfl JHI ijtlr mt
wis cmeglh tk gmhely jimcurl rlqumrmeahmicysms. Mt fih `lle amvle tk is oiey isi tfmrh kj icc flirt `ypiss pitmlets metfl \emtlh ^titls it tfl flmaft kj mtsusl. Hr. Hleems Oieaiek simh me tflN@^ `rkihnist tfit @iylr jimclh tk hms-ncksl tk tfl JHI hurmea i JHI ihvmskry pielc olltmea me ^lptlo`lr 022: tfittfl hrua oiglr fih nkehuntlh mts kwerlslirnf wfmnf nkejmrolh tfl siolhiealrs lsti`cmsflh `y tfl stuhy. @iylr
wmcc nlrtimecy jinl i arkwmea euo lr kj prkhunt cmi`mcmty ciwsumts jmclh `y
pitmlets wfk fivl tigle tfms olhmnmel.Kur jmro ms mevlstmaitmea ieh fiehcmeatfksl ncimos it tfms tmol.
Xfl prksplnt kj prkhunt cmi`mcmty cmtm-aitmke ms i fual hltlrrlet tk hrua nko-piemls. Lvle wmtf tfms hltlrrlet mepcinl, wl fivl slle tfl nitistrkpflsniuslh `y hiealrkus hruas `lmeaipprkvlh `y tfl JHI ieh put ke tfloirglt, cmgl Zmkxx ieh Xrisyckc.Nie yku
moiamel tfl pktletmic nitistrkpflsnkomea hkwe tfl pmgl jkr nkesuolrsieh pitmlets mj tfl \. . ^uprlol Nkurtrucls tfms ylir tfit hrua nkopiemls nieelvlr `l sulh jkr tfl firos tflmr hruasniusl mj tfl olhmnitmke wis ipprkvlh`y tfl JHI; Ek oittlr fkw oiey hlitfs kr medurmls tfly niusl, tfl hruankopiemls nkuch elvlr `l flchinnkueti`cl `y tfl nkurts mj prllop-tmke `lnkols i rlicmty. Xfl ^uprlolNkurt, `y arietmea pfiroinlutmnicnkopiemls moouemty jrko ciwsumts,
wmcc fivl surlcy turelh ke tfl arllecmaft jkr hrua nkopiemls tk pusf tfllevlckpl rlcitmea tk sijlty ke tfl olh-mnitmkes tfly irl wmccmea tk slcc wmtfkutihlquitl tlstmea tk ie uegekwmeapu`cmn.I nitistrkpfl jkr pitmlets ieh ipktletmic nitistrkpfl jkr tfl ciw wkuch
`l i nlrtimety mj tfl ^uprlol Nkurtrucls jkr tfl hrua mehustry ieh iaimesttfl Iolrmnie plkpcl ke tfms mssul.Kur jmro fis `lle jmaftmea jlhlric prllop-tmke ieh wl lenkurial icc kj kur rlihlrs tk nicc kr wrmtl ykur ^leitkrsieh Plprlsletitmvls me Qisfmeatke iehisg tflo tk stieh up jkr tfl Nkestmtu-tmkeic rmaft tk trmic `y dury.^kurnl4 Plutlrs
X FLPL O I] @ L I C MEG @ LXQLLE P FL\OIXKMH I PXFPMXM^ H P\A^ I EH N IENLP
Ie mevlstmaitmke `y tfl JHI fis`lle ciuenflh mevkcvmea tfl pktletmiccmeg `ltwlle Xuokr Elnrksms Jintkr (XEJ) `cknglrs ieh tfl hlvlckpoletkj cyopfkoi ieh ktflr nienlrs menfmchrle ieh ykuea ihucts.XEJ `ckng-lrs nurrletcy ipprkvlh jkr plhmitrmnusl mencuhl Le`rlc (oirgltlh `y
Ioale & Qyltf), Fuomri (oirgltlh`y I``ktt Ci`s) ieh Plomnihl (oir-gltlh `y Nletknkr). Xfl oiglrs kj tflsl prkhunts fivl `lle isglh tksuppcy tfl JHI wmtf mejkroitmkerlairhmea nienlr nisls me nfmchrlerlnlmvmea tfl trlitolet.
Xk hitl ipprkxmoitlcy tfmrty nisls kj nienlr fivl `lle rlpkrtlh hurmea i tle
ylir plrmkh lxtlehmea tfrkuaf Iprmc
0226. I`kut ficj tfl nienlrs wlrlFkhagmes ieh Eke-Fkhagmes cyopfkois.^kol nisls mevkcvmea cluglomi, olci-ekoi ieh skol skcmh kraie oicmaeie-nmls wlrl rlpkrtlh.I rlvmlw prknlss msme pcinl. Kenl tfl rlvmlw ms nkopcltl,tfl ialeny wmcc nkoouemnitl mts jmehmeasieh rlsuctmea rlnkoolehitmkes tk tflpu`cmn.Ql wmcc witnf tfms oittlr nckslcy.^kurnl4 Olh^nipl Olhmnic Elws
X FL I NEL H P\A I NN\XIEL M ^ CMEGLH X K H LRPL^^MKE
\sl kj msktrltmekme, tfl intmvl mearlhm-let me tfl inel hrua Innutiel, ippir-letcy okrl tfie hku`cls tfl rmsg kj hlprlssmke, innkrhmea tk rlsucts kj irlnletcy pu cmsflh stuhy. Fkwlvlr, tflrlslirnflrs nkencuhlh tfl i`skcutlrmsg ms prk`i`cy vlry soicc.Xfl stuhy mstfl jmrst nketrkcclh mevlstmaitmke tk jmehi stitmstmniccy smaemjmniet cmeg ltwllmsktrltmekme ieh hlprlssmke. Hr. Iemng @lrirh, jrko NF\ ^imetl-DustmelPlslirnf Nletrl me Oketrlic, ieh nkc-cliauls pu`cmsflh tfl rlpkrt me tfl
Dkureic kj Ncmemnic Rsynfmitry. Xfrlpkrt stitlh4
Hlprlssmke ms cmglcy tk `l i rirl smhl ljjlnt kj msktrltmekme tflripy. Ekeltflclss, nurrlet aumhlcmels sfkuch pkssm`cy `l okhmjmlh tkmencuhl psynfmitrmn isslssolets kj
pitmlets prmkr tk ieh hurmea msktrltmekme tflripy.
Hr. @lrirhs tlio stuhmlh >2,8=:plkpcl jrko Yul ln, Nieihi, wfkrlnlmvlh it clist kel msktrltmekme prl-snrmptmke jrko 9=68 tfrkuaf 022>.Hurmea tfl stuhy plrmkh, 90: kj tflslmehmvmhuics fih i hlprlssmke-rlcitlhhmiaeksms, fkspmticmzitmke,kr trlitolet.@islh ke prlvmkus rlslirnf, tfliutfkrs jknuslh ke msktrltmekme usl metfl jmvl oketfs prmkr tk hlprlssmkehmiaeksms, wfmnf ms rljlrrlh tk is rmsg plrmkh, nkopirlh wmtf i jmvl-oketf plrmkh i ylir `ljkrl tfl hmiaeksms,gekwe is tfl nketrkc plrmkh.
Xfl tlio jkueh tfit ijtlr innkuetmeajkr pktletmic jintkrs tfit omaft mejcu-
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lenl tfl rlsucts, lxpksurl tk msktrl-tmekme wis issknmitlh wmtf i arlitlr tfie 0.:-jkch rlcitmvl rmsg kj hlprlssmke.Hr. @lrirh ieh fms nkccliauls nke-ncuhlh tfit `lniusl hlprlssmke nkuchfivl slrmkus nkeslqulenls,ncksl okem-tkrmea kj msktrltmekme uslrs ms rlnko-olehlh.^kurnl4 Dkureic kj Ncmemnic Rsynfmitry
N CI^^ I NXMKE ^ K\AFX J KP @ MKXLNF P MNL CIQ^\MX
I jlhlric duhal wmcc hlnmhl wfltflr tk nkeskcmhitl slvlric ciwsumts kvlr aleltmniccy leamellrlh rmnl metk i smeaclnciss intmke sumt tfit wkuch mencuhltfkusiehs kj rmnl jirolrs tfrkuafkuttfl \emtlh ^titls.Xfl mssul `ljkrl \.^.Hmstrmnt Duhal Nitflrmel Rlrry ms
wfltflr jirolrs sujjlrlh lnkekomnhioial ijtlr i strime kj @iylr Nrkp-^nmlenl IAs lxplrmoletic rmnl wisrlclislh metk tfl jkkh suppcy me 022:.^kol jkrlmae nkuetrmls tlopkrirmcy `ieelh \. . rmnl lxpkrts ijtlr tflrlclisl kj tfl sk-nicclh Cm`lrty Cmeg rmnl, hrymea up gly jkrlmae oirglts iehniusmea tfl prmnl jkr \. . rmnl tk hrkp.
Ijtlr tfksl hlvlckpolets, slvlricjirolrs jmclh sumt, mencuhmea skol jrko
Irgiesis, wfmnf arkws okrl rmnl tfieiey ktflr stitl.Mj Duhal Rlrry ariets tfl sumt nciss
intmke stitus, mt nkuch fivl pktletmiccy lekrokus mopcmnitmkes jkr tfl `mktlnf sllh mehustry.Lvlry oidkr `mktlnf sllhnkopiey arkws lxplrmoletic `mktlnf nrkps kuthkkrs. Pmnl jirolrs me tfl\emtlh ^titls siy tfl nkopiemls sfkuch`l flch cmi`cl jkr iey lnkekomn cksslske ack`ic arime oirglts mj lxplrmoleticstrimes lsnipl ieh nrmop lxpkrt
oirglts.Xfl Cm`lrty Cmeg strime kj rmnl wis ekt nkesmhlrlh firojuc tkfuoies, `ut mt wiset ipprkvlh jkr fuoie nkesuoptmke `y tfl \.^.Hlpirtolet kj Iarmnucturl.Xfl hlpirt-olet hltlromelh tfl rmnl cmglcy lsniplh jrko i nkrpkritl-juehlh tlstpckt it Ckumsmiei ^titl \emvlrsmty,
wflrl mt wis `lmea arkwe ickeasmhlnkoolrnmic virmltmls.
Pmnl ms i nkookhmty wfksl prmnl msslt `y ack`ic oirglts. Is i alelricrucl, jirolrs alt i prmnl jkr tflmr rmnltfit ms nckslcy tmlh tk tfksl prmnlscmstlh `y tfl Nfmniak @kirh kj Xrihl. Mtsfkuch `l ektlh tfksl prmnls hrkpplhsfirpcy ijtlr tfl Cm`lrty Cmeg lpmskhl
wis ieekuenlh. Fkwlvlr, rmnl prmnlsfivl rl`kuehlh me rlnlet wllgs
wfmnf nkuch ijjlnt hioials me skolkj tfl jmclh nisls.Xfl tktic hioialsicrlihy sujjlrlh `y jirolrs nkuch `l
vist, fkwlvlr, innkrhmea tk NkcmeNirtlr, ie iarmnucturic lnkekomns prk-jlsskr it tfl \emvlrsmty kj Nicmjkremi,Hivms. Rrkjlsskr Nirtlr fis tlstmjmlhtfit tfl rmnl oirglts wlrl sfknglhme 022: wfle Lurkplie eitmkesrlstrmntlh \. . rmnl mopkrts. ^unf isfkng `lnkols i plroielet jintkr me
slttmea tfl prmnl jkr i nkookhmty cmglrmnl, `lniusl trihlrs icwiys gekw mtnkuch fipple iaime. Clmaf KHlcc jrkokur jmro ms fiehcmea ncimos jkr jirolrs
wfk fivl suj jlrlh hioials. Mj ykuellh ihhmtmkeic mejkroitmke nkenlre-mea ncimos kj tfms skrt, jllc jrll tknketint Clmaf it 622-6=6-02>8.^kurnl4 Qicc ^trllt Dkureic
N FIEXMV M ^ N I\^MEA O KPL ^ IJLX]
N KENLPE^
Xflrl ipplir tk `l elw sijlty nke-nlres jkr Nfietmx, Rjmzlr Men.s sokgmea-nlssitmke hrua, ieh tfits ekt akkh jkr tfl nkopiey. Xflsl hlvlckpoletsnkuch furt tfl icrlihy stuo`cmea siclsinnlclritmke kj Nfietmx ieh wmcc cmglcy clih tk claic prk`clos jkr tfl pfiroi-nlutmnic amiet. I rlnlet rlpkrt jrko i
witnfhka arkup suaalstlh Nfietmxoiy `l cmeglh tk prk`clos sunf is
flirt trku`cl, slmzurls ieh hmi`ltls,ihhmea tk tfl icrlihy-gekwe nkeeln-tmke tk psynfmitrmn prk`clos mencuhmeasumnmhl ieh hlprlssmke. Xflsl sijlty ieh flictf nkenlres irl ekt tk `ltigle cmaftcy.
Xfl ciral euo`lr kj ihvlrsl rlin-tmkes me tfl stuhy pu`cmsflh rlnletcy `y tfl Mestmtutl jkr ^ijl Olhmnitmke Rrin-tmnls (M^OR) ihhs elw uraleny tk tfl
prlvmkus sijlty nkenlres Ru`cmn Nmtmzleieh ktflrs fih i`kut Nfietmx. Mt icskfmafcmafts tfl hiealrkus meihlquiny kj tfl rlspkesl kj Rjmzlr ieh tfl Jkkhieh Hrua Ihomemstritmke tk tfl ripmhcy menrlismea euo lr kj slrmkus, cmjl-tfrlitlemea ihvlrsl lvlets slle wmtf tfms hrua. Me ^lptlo`lr 0221, Hr.^mhely Qkcjl, Hmrlntkr kj tfl Flictf Plslirnf Arkup it Ru`cmn Nmtmzle,
wirelh me tfl pu`cmnitmke Qkrst Rmccs, @lst Rmccs Elws (kecmel it QkrstRmccskra) tfit plkpcl sfkuch ekt uslNfietmx uetmc tfl ylir 0298. Xfmsrljclnts tfl meihlquitl iokuet kj mejkroitmke i`kut tfl sijlty kj Nfietmxieh nkenlres rimslh `y tfl menrlislhiokuet kj ihvlrsl psynfmitrmn lvletstfit knnurrlh me tfl riehkomzlh trmicsprlnlhmea mts ipprkvic. Me kel kj tfl
stuhmls, :.6% kj pitmlets usmea Nfietmxfih ihvlrsl psynfmitrmn lvlets iskppkslh tk kecy 0.8% kj tfksl amvle ipcinl`k. Me tfl Oiy 0226 mssul kj tfl@rmtmsf Hrua iehXflriplutmns @uccltme(HX@), tfl iutfkrs stitlh4
Ql irl nkenlrelh i`kut rlpkrtskj psynfmitrmn prk`clos wmtf tfmshrua. Amvle sunf nkenlres, oir- gltmea ncimos kj i jivkuri`cl
sijlty ieh tkclri`mcmty Rrkjmcl irl
qulstmkei`cl.Xfl M^OR stuhy kj 91> slrmkus
rlpkrts kj innmhlets ieh medurmls,mencuhmea 06 rkih trijjmn innmhlets,niccsjkr i ounf strkealr wiremea tfie metfl rlnletcy rlvmslh elw ci`lcmea iehelw pitmlet olhmnitmke aumhl jkr tflhrua (rlvmslh Oiy 9:). Hr. Qkcjl siystfl elw ci`lc meihlquitlcy stitls tfitWp_itmlets sfkuch `l ihvmslh tk uslniutmke hrmvmea kr kplritmea oinfmelry
uetmc tfly gekw fkw qumttmea sokgmea wmtf Nfietmx oiy ijjlnt tflo. Xflmeihlquiny kj tfms usl niutmke
wiremea ms jurtflr lopfismzlh `y tflstitlolet me tfl ci`lc tfit tflrl wlrl,me ncmemnic trmics wmtf Nfietmx, Jrl- qulet 4 Hmstur ienl me ittletmke,Hmzzmelss, ^leskry hmstur`ienl. Ekel kj tflsl irl nkopitm`cl wmtf sijlcy hrmvmea (nirs, `usls, trimes kr pciels) kr
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vinnmel ms pime it tfl medlntmke smtl.Air-hismc wis put ke tfl jist tring iehipprkvlh qumngcy `y tfl JHI.Xfl smhlljjlnts sfkuch `l stuhmlh tfkrkuafcy ieh sfkuch ekt `l jkrnlh ke ieykel.^kurnl4 Hletke Plnkrh-Nfrkemncl
VM.@\^MEL^^CMXMAIXMKE
Q FLE M X ^ \MX^ X FLO , @ MA J KCG^ ^ LLO X K P LICC] CMGL X FL N K\PX^
Hmsnkvlr Jmeienmic ^lrvmnls jmclh iciwsumt slvlric oketfs iak iaimest ZmsiMen. ieh OistlrNirh Men. me wfmnf mt
wis isgmea jkr $: `mccmke me hioials. Mj
tfl sumt ms sunnlssjuc, tfl hioials nie`l trmpclh uehlr tfl ietmtrust ciws.Mtsicclalh tfit tfl amiet nrlhmt-nirh nko-piemls squisflh nkopltmtmke jrkosoicclr nkopiemls. Nkejmhletmic jmcmeas
wlrl uesliclh rlnletcy `y tfl duhal metfl sumt wfmnf wis plehmea me jlhlricnkurt me tfl kutflre Hmstrmnt kj Elw
]krg. Hmsnkvlr, tfl jkurtf-ciralst nrlhmtnirh eltwkrg, jmclh tfl ciwsumt meKntk`lr 0228 iaimest Zmsi ieh Oistlr-Nirh,ncimomea tfl twk ciralst eltwkrgs`rkgl tfl ciw `y irrmea olo`lr `iegs jrko kjjlrmea rmvic nirhs.Is ykuoiy rlnicc,Zmsi iarllh cist ylir tk piy $0.0< `mccmke tk Iolrmnie Lxprlss Nk.me i slttclolet kj i piricclc sumt.Xfl `ma`kss it Hmsnkvlr siys tfit nkopiey slttclh wiy tkk nflipcy!
Xfl hknuolets fih `lle jmclh uehlr prktlntmvl krhlr smenl tfl nisl `laie.Xfl ciwsumts `y Hmsnkvlr ieh IolrmnieLxprlss jkcckwlh i \.^. ^uprlol Nkurt
rucmea tfit Zmsi ieh OistlrNirh vmkcitlhietmtrust ciws me nkopltmea iaimestsoicclr nkopiemls. Cmgl Elw ]krg-`islh Iolrmnie Lxprlss, Hmsnkvlr lxtlehs nrlhmt ieh rues i eltwkrg tfitprknlssls triesintmkes jkr ktflr clehlrs. Zmsi ieh OistlrNirh kecy kplritl eltwkrgs ieh hket oigl ckiestk nkesuolrs.Qfmcl skol kj tfl okrlpkwlrjuc me Nkrpkritl Iolrmni irl
trymea tflmr `lst tk sfut hkwe tflnkurts tk krhmeiry Iolrmnies, mtipplirs skol nkrpkritmkes stmcc cmgl tflsystlo.^kurnl4 @ckko`lra Elws
Q ]LXF J MCL^ ^ \MX I AIME^X ^ IEHKT K ZLP A LELPMN
Qyltf ieh Eynkolh Ao`F fivljmclh i ciwsumt iaimest i Ekvirtms IAuemt, icclamea tfl nkopieys ippcmni-tmke tk slcc i alelrmn vlrsmke kj flirt-`ure trlitolet Rrktkemx vmkcitls i \.^.pitlet jkr tfl `riehlh hrua. Ekvirtmss^iehkz alelrmn uemt ektmjmlh tfl nko-piemls me lircy Iprmc tfit mt jmclh jkr Jkkh ieh Hrua Ihomemstritmke ipprkvickj i alelrmn, medlnti`cl jkroucitmke kj tfl hrua, wfmnf Qyltf oirglts is Rrk-tkemx M.Z. Qyltf, wfmnf cmnlesls tflpitlet jrko Eynkolh, icsk slccs Rrk-tkemx me ti`clt jkro. Qyltf, `islh meOihmske, Elw Dlrsly, ieh AlroieysEynkolh jmclh tflmr ciwsumt iaimest^iehkz me \. . Hmstrmnt Nkurt jkr tflEkrtflre Hmstrmnt kj Mccmekms me Nfmniak.Xfl sumt sllgs i nkurt rucmea tfit^iehkz fis mejrmealh tfl Rrktkemx M.Z.pitlet is wlcc is i plroielet meduen-tmke `irrmea ^iehkz jrko slccmea i
alelrmn vlrsmke uetmc tfl pitlet lxpmrlsme 0292.^kurnl4 Qicc ^trllt Dkureic
IX&X ^ LXXCL^ N LCC R FKEL J LL^
IX&X nustkolrs wfk fivl slleueusuic nfirals jkr rmeatkels iehktflr nketlet sfkw up ke tflmr nlcc-pfkel `mccs wmcc `l lcmam`cl jkr rljuehsis pirt kj tfl slttclolet kj i arkup kj nciss-intmke ciwsumts.Nustkolrs wmcc `li`cl tk ncimo rljuehs jkr spurmkusnfirals tfit ipplirlh ke up tk tfrll kj tflmr oketfcy `mccs `ltwlle Dieuiry 9,0228, ieh Oiy >2, 0226. M uehlrstiehtfms ms tfl jmrst eitmkewmhl slttcloletkvlr tfl `usmelss kj tfmrh-pirty nketlet. ^momcir sumts fivl `lle jmclhiaimest Zlrmzke Qmrlclss, ^prmet ElxtlcNkrp. ieh X-Ok`mcl \^I.
Zlehkrs kj rmeatkels ieh himcy tlxt-
olssial slrvmnls, usmea i euo lr kj meeknlet-skuehmea olssials, skcmnmtnustkolrs tk smae up `y letlrmea tflmr pfkel euo`lrs ke Ql` smtls kr `y slehmea tlxt olssials. Xfl nfirals,
wfmnf nie `l fmhhle kr pkkrcy lxpcimelh, sfkw up citlr ke nlcc-pfkel`mccs, kjtle is rlnurrmea nfirals. Xflnlcc-pfkel nirrmlr gllps skol kj tfljll ieh pissls tfl rlst ke tk tflnketlet prkvmhlr. ^mxtlle nciss-intmkesumts, wfmnf irl pirt kj tfl slttclolet,icclalh tfit IX&X wis claiccy rlspkesm-`cl jkr jimcmea tk `l okrl nirljuc me
vlttmea tfl slrvmnls. IX&X ekw rlqumrls nustkolrs wfk
smae up jkr tfmrh-pirty slrvmnls wmtf rlnurrmea jlls tk nkejmro `y rlpcymea tki tlxt olssial. Xfl nkopiey icskrlqumrls tfl nketlet prkvmhlrs tk sleh
oketfcy rlomehlrs wmtf mestruntmkeske fkw tk uesu`snrm`l jrko sunf slrv-mnls. Ektmjmnitmkes i`kut tfl slttcloletirl `lmea slet kut tk 12 omccmke nurrlet
IX&X Ok`mcmty nustkolrs. Xfl slttcl-olet rlnlmvlh prlcmomeiry ipprkvic `y tfl ^uplrmkr Nkurt kj Juctke Nkuety,Ai.I jmeic ipprkvic flirmea jkr tfl slt-tclolet ms snflhuclh ke Hlnlo`lr 6 tf .Ncimos oust `l jmclh wmtfme =2 hiys kj tfl jmeic ipprkvic kj tfl slttclolet.
Dljj Lhlcske, i ciwylr jrko Rkrtcieh,Krlake, rlprlsletlh tfl nciss.^kurnl4 Issknmitlh Rrlss
VMM.ME^\PIENL IEHJMEIENL \RHIXL
\ RHIXL K E P LAMKE^ O KPAIE G LLAIE J \EH O LCXHKQE
^menl Hlnlo`lr, nciss intmke ciwsumtsieh ir`mtritmke jmcmeas fivl menrlislhiaimest Plamkes Okraie Gllaie outuicjuehs. Kj tfl slvle Plamkes OkraieGllaie juehs, smx fivl ckst okrl tfie1
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Innkrhmea tk Or. Dkels, wfk ms irlsplntlh ieicyst, tfl juehs oieialr tkkg ke tkk ounf rmsg ieh jimclh tkihlquitlcy nkoouemnitl wmtf mevlstkrs is tfl isslt prmnlh hlncmelh.
Glcskl lsti`cmsflh tfl ^lclnt Fmaf Menkol Jueh me 9===. Kvlr tmol flhlvlckplh wfit fis `lle ci`lclh iemetkxmnitmke jkr slnurmtmls `inglh `y su`prmol okrtaials.I rlaucitkry jmcmeamehmnitlh tfit `kehs `inglh `y suprmolokrtaials rlinflh is fmaf is 08.
J CKPMHI P LINFL^ $8 O MCCMKE M E^\PIENL ^ LXXCLOLEX Q MXF I KE
Xfl stitl kj Jckrmhi fis rlinflh i slt-tclolet wmtf Ike Nkrp., rlcitmea tk tflmesurienl `rkglr fivmea rlnlmvlhuehmsnckslh nkoplesitmke me nkeeln-tmke wmtf tfl pcinlolet kj mesurienlnkvlrial ke `lficj kj Jckrmhi pkcmny-fkchlrs, stitl kjjmnmics simh.Xfrkuaf tflmevlstmaitmke, stitl mevlstmaitkrs uenkv-lrlh icclaitmkes tfit Ike moprkplrcy nkcclntlh uehmsnckslh nkoplesitmke
wfle mt pcinlh virmkus mesurienl nkv-lrials wmtf mesurienl nkopiemls.\ehmsnckslh nkoplesitmke ms iey jkrokj nkoplesitmke pimh tk tfl `rkglr,`ut ekt rlpkrtlh tk pkcmnyfkchlrs`ljkrl `mehmea tfl triesintmke jkr tflpurnfisl kj i pkcmny. Is pirt kj tfliarllolet,Ike wmcc piy $0.: omccmke tkrlmo`ursl ijjlntlh Jckrmhi pkcmnyfkch-
lrs.Ike icsk wmcc rlmo`ursl tfl tfrllJckrmhi ialenmls $9.8 omccmke me jllsieh nksts, wfmnf wlrl tk `l pimh
wmtfme tle hiys kj tfl Oiy 0> rh iarll-olet.Xfl Jckrmhi Hlpirtolet kj Jmeie-nmic ^lrvmnls, tfl Kjjmnl kj MesurienlPlaucitmke ieh tfl Kjjmnl kj tfl Ittkr-ely Alelric nkehuntlh tfl mevlstmai-tmke ieh hltlromelh tfit Ike `rkglrlhouctmpcl mesurienl nketrints me Jckrmhijrko 9==6 tfrkuaf 0228.
Ikes ncmlets mencuhlh slvlric pu`cmn
letmtmls me tfl stitl kj Jckrmhi,mencuhmeanmty akvlreolets ieh snfkkc `kirhs.Mesurienl `rkglrs rlprlslet tflmr ncmlets `y ihvmsmea tflo ke tflmr mesur-ienl ellhs ieh kptmkes ieh rlprlslettfl ncmlets wfle elaktmitmea tfl prmnlieh tlros kj mesurienl nkvlrialkjjlrlh `y mesurienl nkopiemls.Jckrmhi Mesurienl Nkoomssmkelr OnNirty siys tfl slttclolet jurtflr
hlokestritls tfl prkarlss Jckrmhi msoigmea tkwirh lsti`cmsfmea i eitmkeicstiehirh jkr triespirleny me mesurienltriesintmkes.^kurnl4 Mesurienl Dkureic
M E^\PLP K PHLPLH X K R I] A PKNLP] N FIME J KP G IXPMEI N CIMO^
I jlhlric nkurt dury me Ckumsmiei fisruclh tfit tfl mesurlr jkr jmvl Pk`lrtsJrlsf Oirglts oust piy tfl arknlry nfimes kwelr okrl tfie $09 omccmkejkr uerliskei`cy jimcmea tk piy wfit
wis elnlssiry tk jmx Furrmniel Gitrmei wmehstkro ieh ktflr hioial.Xfl $09omccmke iwirh wmcc prkvmhl tfl nfimekwelr icokst lxintcy wfit \emtlh Jmrl& Nisuicty Mesurienl Nk. stmcc kwlh tflarknlry nfime tk rlpimr tfl stkrls$9:.1 omccmkepcus pleictmls jkr hlciy-mea piyolet.
Xfl dury flirh tlstmokey tfit tfmsmesurienl nkopiey hlciylh iehrljuslh tk oigl piyolets `lniusl kj tfl jmeienmic strlss put ke tfitnkopiey `lniusl tfly hmhet purnfisllekuaf rlmesurienl tk nkvlr tfl lxtletkj tfl nitistrkpfmn ckssls niuslh `y Gitrmei. Cmomtlh cmi`mcmty nkopiemrie Pk`lrts jkur Jrlsf Oirglt stkrls me
Elw Krclies, is wlcc is tfl krmameicJrlsf Oirglt stkrl me Gleelr,Ckumsmiei.Xfl iwirh wmcc prkvmhl juehstk nkvlr `umchmea hioial, `usmelssmetlrruptmke, tleiet moprkvlolets iehckss kj `usmelss plrskeic prkplrty jrko
wmehstkro ieh jrko viehicmso,tfljt kr ckktmea.Xfl dury vlrhmnt icsk mencuhlh$9,262,222 tk tfl kwelr kj kel kj tfl`umchmeas wflrl i stkrl wis cknitlh.Rfmcmp Jrienk, i ciwylr jrko Elw Krclies, rlprlsletlh tfl pcimetmjj me
tfms nisl ieh hmh i vlry akkh dk`.^kurnl4 Elw Krclies Xmols Rmniyuel
N LPXMJMNIXMKE KJ E IXMKEQMHL JC^I N CI^^ I NXMKE K @XIMELH I AIME^X X MPL G MEAHKO I EH ^ \@^MHMIPML^
Kur jmro jmclh i nciss-intmke ciwsumtke `lficj kj nurrlet ieh jkrolr slrvmnloieialrs kj Xmrl Gmeahko, EXQ, Menkr-
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pkritlh, hkmea usmelss is Eitmkeic Xmrlieh @ittlry ieh Olrnfiets Xmrl ieh
Iutk Nletlrs (lopckylrs). Xfl `ismsjkr tfl sumt iaimest tflmr lopckylrs wisi slrmls kj vmkcitmkes kj tfl Jimr Ci`kr ^tiehirhs Int (JC^I). Xfl pcimetmjjs
wlrl ekt lxloptlh jrko tfl JC^I iehis i rlsuct, tflmr lopckylrs wlrlrlqumrlh tk piy kvlrtmol nkoplesi-tmke. Xfl slrvmnl oieialrs wkrglhuehlr i uemjkro pkcmny kj sicirmlh piy
wmtfkut kvlrtmol nkoplesitmke. Xflpcimetmjjs wlrl rlqumrlh tk wkrg wlcc melxnlss kj 82 fkurs plr wllg.
Xfl stkrl oieialrs wlrl me nfiralkj tfl stkrls ieh hlclaitlh tfl oidkrmty kj tfl eke-oieialrmic hutmls tk tflslrvmnl oieialrs ieh ktflr stkrllopckylls. Okrlkvlr, tfl pcimetmjjs fihek iutfkrmty tk fmrl, jmrl, prkoktl, kr
hmsnmpcmel stkrl lopckylls.Elmtflr hmhtfl pcimetmjjs rkutmelcy oigl kr pirtmnm-pitl me tfl hlnmsmkes rlcitmea tk plrske-elc fmrmea, jmrmea, prkoktmea, kr hmsnmpcmel. Me su`stienl, tfl pcimetmjjssplet cmttcl,mj iey, tmol plrjkromea oie-ialrmic hutmls.Xflrljkrl, hlspmtl tflmr
dk` tmtcls, pcimetmjjs wlrl ekt lxlnu-tmvl lopckylls ieh tflrl`y lxloptjrko tfl kvlrtmol rlqumrlolets kj tflJC^I.
Me kur nisl, tfl pcimetmjjs skuaft tkrlprlslet i nciss kj icc smomcircy smtuitlhslrvmnl oieialrs wfk wlrl su`dlnttk tfl uemjkro pkcmny kj sicirmlhpiy wmtfkut kvlrtmol nkoplesitmke.Plnletcy, me i okst smaemjmniet rucmea,tfl \emtlh ^titls Hmstrmnt Nkurt jkrtfl ^kutflre Hmstrmnt kj Alkrami,@rueswmng Hmvmsmke, nkehmtmkeiccy nlrtm-jmlh tfl nciss. @ljkrl nkehmtmkeic nlrtmjm-nitmke nkuch `l arietlh, tfl nkurt fihtk hltlromel wfltflr tflrl wlrl ktflr
lopckylls kj tfl lopckylrs wfkhlsmrlh tk kpt-me ieh wfltflr tfljkrolr slrvmnl oieialrs wlrl smomcircy smtuitlh wmtf rlsplnt tk tflmr dk`rlqumrlolets ieh wmtf rlairh tk tflmr piy prkvmsmkes. Memtmiccy, 06 mehmvmhuicsjmclh nkeslets tk `lnkol pirtmls me tflintmke.Xflrljkrl, tfl nkurt nkencuhlhtfit tfl pcimetmjjs nirrmlh tflmr `urhlekj hlokestritmea tfit ktflr pcimetmjjs
lxmstlh wfk hlsmrlh tk kpt-me.Xfl slnkeh mequmry wis wfltflr tfl
prkpkslh nciss nkesmstlh kj mehmvmhuics wfk wlrl smomcircy smtuitlh.Xfl nkurtquktlh tfl Lclvletf Nmrnumt wfmnf fihjkueh tfl smomcircy smtuitlh rlqumrl-olet kj 09:(`) wis okrl lcistmn iehclss strmealet tfie tfl rlqumrloletsjkueh me Pucl 02 (dkmehlr).Xfl nkurtstitlh tfit me krhlr tk sitmsjy tfl smom-circy smtuitlh rlqumrlolet, tfl pcimetmjjskecy fih tk sfkw tfit tflmr pksmtmkes
wlrl smomcir, ekt mhletmnic, tk tfl pksm-tmkes flch `y tfl putitmvl ncissolo`lrs.Xfl ijjmhivmts ieh hlpksmtmketlstmokey su`omttlh `y tfl pcimetmjjs
wlrl sujjmnmlet tk sitmsjy tfl nkurt tfittflrl wlrl ktflr lopckylls wfk wlrlsmomcircy smtuitlh.
Xfl 06 mehmvmhuics wfk jmclh nke-
slets tk `lnkol pirty pcimetmjjs wlrljrko emel hmjjlrlet stitls ieh linf isslrtlh tfly rkutmelcy wkrglh melxnlss kj 82 fkurs plr wllg jkr isicirmlh iokuet wmtfkut kvlrtmol nko-plesitmke7 tfit tfly hmh ekt fivl tflhuty kr iutfkrmty tk fmrl, jmrl, kr prkoktl iey lopckylls, ekr oigl rln-koolehitmkes kr suaalstmkes rlairhmeahlnmsmkes ijjlntmea tfl lopckyoletstitus kj ktflr lopckylls7 tfit tfly
wkrglh it tfl hmrlntmke ieh ickeasmhltfl stkrl oieialr7 tfit tfl stkrloieialr rlclaitlh okst, mj ekt icc, eke-oieialrmic hutmls tk tfl slrvmnloieialr ieh ktflr stkrl lopckylls7ieh tfit tfly splet tfl oidkrmty kj tflmr tmol plrjkromea eke-oieialrmic hutmls.
Xfms wis i okst smaemjmniet rucmea `y tfl nkurt. Cienl Akuch ms tfl clihciwylr jkr tfl jmro me tfms nisl. Mj yku
wiet jurtflr mejkroitmke rlcitmea tktfms nisl, yku nie nicc Cienl it 622-
6=6-02>8.
E IXMKEQMHL N CI^^ N LPXMJMNIXMKE K @XIMELH I AIME^X Q L^X X LCLOIPGLXMEA
Kur jmro rlnlmvlh ie krhlr jrko ijlhlric hmstrmnt nkurt rlnletcy nkehm-tmkeiccy nlrtmjymea i eitmkewmhl nkccln-tmvl intmke iaimest Qlst Xlcloirgltmea.Pkoie ^fiuc ms tfl ciwylr me kur jmro
wfk ms flihmea up tfms cmtmaitmke. Xflciwsumt wis jmclh uehlr tfl Jimr Ci`kr ^tiehirhs Int (JC^I) ieh icclals tfit
Qlst Xlcloirgltmea fih i nkrpkritlpkcmny kj ekt piymea nlrtime tlcloir-gltlrs jkr tflmr trimemea tmol.Xfl nko-pcimet icsk jiucts tfl nkopiey jkr ektpiymea tfl nciss olo`lrs kvlrtmol iehme oiey mestienls,ekt piymea tfl oke-ltiry lqumviclet kj tfl jlhlricomemouo wial.Xfl putitmvl nciss nke-times i cmttcl kvlr >9,222 prlslet iehjkrolr lopckylls.
Xfl amst kj tfl ciwsumt ms tfit tflRcimetmjjs irl trlitlh is mehlplehletnketrintkrs ieh ekt lopckylls. Mehmvmh-uics wfk irl trul mehlplehlet nketrin-tkrs irl ekt prktlntlh uehlr tfl JC^I.
]lt, tfl Rcimetmjjs rliccy irl lopckyllssmenl tfl nkopiey nketrkcs icokst
lvlry isplnt kj tflmr dk`.Xfl metletmkeic omsncissmjmnitmke k
lopckylls fis `lle i fkt tkpmn me Qisfmeatke H.N. citlcy ieh Nkearlssfis snflhuclh i euo`lr kj flirmeaske tfms mssul. Oiey nkopiemls metle-tmkeiccy omsncissmjy tflmr lopckylls ismehlplehlet nketrintkrs sk tfly nieivkmh piymea iey `leljmts, ivkmhpiymea piyrkcc tixls, wkrglrs nko-plesitmke prlomuos ieh ktflr k`cmai-tmkes tfit trihmtmkeiccy jicc ke clamtmoitllopckylrs.
^fkrtcy ijtlr wl jmclh tfms ciwsumt, Qlst Xlcloirgltmea nfiealh tfl vlry nkrpkritl printmnl jkr wfmnf kur ncmletsulh tflo.Ql fkpl tfit tfms nfieal mepkcmny fis `leljmtlh oiey kj tfl firh
wkrgmea mehmvmhuics stmcc lopckyltflrl.Ql irl lquiccy fkpljuc tfit oiey kj tfl jkrolr lopckylls wmcc alt nko-plesitlh jkr icc tfl firh wkrg tfly fivl icrlihy plrjkrolh.
X FL L CLZLEXF N MPN\MX N K\PX KJ I RRLIC^ ^ LEH^ K \P H KCCIP A LELPIC N I^L @ ING X K X FL H M^XPMNX N K\PX
Ql fivl slvlric Jimr Ci`kr ^tiehirhs Int (JC^I) nisls wl irl pursumeaiaimest tfl rltimc amiet, Hkccir Alelric.Rrlsletcy, wl rlprlslet kvlr 9:22 stkrloieialrs wfk icclal tfly wlrl oms-
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ncissmjmlh ieh moprkplrcy ci`lclh is`kei jmhl lxlnutmvl lopckylls.Xfmsci`lc olies tfit tfly irl ek ckealr lcm-am`cl tk rlnlmvl kvlrtmol piy. @lcmlvlol, ek oittlr wfit ci`lc Hkccir Alelric issmaes tk kur ncmlets, tfly
wlrl nlrtimecy ekt trlitlh cmgl iey lxlnutmvltfit M fivl lvlr rue inrkss.Xflsl stkrl oieialrs jkr Hkccir Alelric irl skol kj tfl okst firh-
wkrgmea jkcgs kut tflrl tkhiy. Xfly wkrg ieywflrl jrko :2-62 fkurslvlry wllg ieh spleh icokst icc kj tfmstmol ueckihmea trungs, stkngmeasflcvls, ncliemea up tfl stkrl ieh
wimtmea ke nustkolrs. Oiey tmols tfly irl jkrnlh tk wkrg me tfl stkrl ickel`lniusl tfl nkrpkritl kjjmnl wmcc ektprkvmhl lekuaf piyrkcc tk fivl tflstkrls sujjmnmletcy stijjlh.
Lircmlr me tfms cmtmaitmke, i jlhlric hms-trmnt nkurt letlrlh ie krhlr arietmeasuooiry duhaolet iaimest us rlcitmeatk slvle splnmiccy slt nisls. Fkwlvlr,me tfl nkurts wrmttle kpmemke, tfl
duhal lxpcimelh tfit tflsl wlrl vlry hmjjmnuct mssuls tk hlnmhl ieh mt rlnka-emzlh tfit tfl Lclvletf Nmrnumt Nkurtkj Ipplics fih ekt ylt ruclh ke i jintpittlre smomcir tk tfl kel `ljkrl mt.Elvlrtflclss,tfl duhal jlct tfit fl wis`kueh `y i prlvmkus rucmea kj tflLclvletf Nmrnumt me i hmjjlrlet nisl, iehtflrljkrl, wis nkoplcclh tk hmsomsskur 1 ciwsumts.
Ql prkoptcy jmclh ie ipplic kj tflslslvle nisls. Pkoie ^fiuc, tfl ciwylr flihmea up tfms cmtmaitmke, prlsletlhkur smhl kj tfl hmsputl it kric irau-olets tk tfl Lclvletf Nmrnumt.Plnletcy,
wl rlnlmvlh ie krhlr jrko tfl IpplicsNkurt isgmea tfit tfl hmstrmnt nkurtrlvmsmt mts hlnmsmke me cmaft kj i elw
nisl tfly fih dust mssulh, ieh kel wfmnf tfl hmstrmnt nkurt elvlr fih iekppkrtuemty tk rlvmlw. Xfms elw kpmemke, mssulh ijtlr tfl hmstrmnt nkurtoihl mts rucmea me kur nisl, wis jintu-iccy smomcir tk fkw Hkccir Alelric ruesmts `usmelss ieh wlet i ckea wiy tkwirh ncirmjymea skol kj tfl nkopcm-nitlh mssuls tfl nkurt rimslh me mtsmemtmic krhlr.Xfl elw nisl, Pkhrmaulz
v. Jiro ^tkrls Arknlry, Men., h90=9%.Xfl elw ciw icsk cmomts ipiyhiy ckie tk $9 hiys mestlih kj twk wllgs.Xfl Nkoouemty Jmeienmic^lrvmnls Issknmitmke, wfmnf rlprlsletsi oidkrmty kj tfl piyhiy ckie nkopi-emls me tfl nkuetry, ncimos tfl ritl nip
wmcc jkrnl tfl 9,:22 stkrls me Kfmk tkncksl. Iey clehmea kutjmtmencuhmeapiy hiy ckie sfirg kplritmkestfitniet oigl mt nfiramea `krrkwlrs 06%metlrlst sfkuch ncksl mts hkkrs.
Riyhiy clehlrs irl claicmzlh ckiesfirgsieh oust l rlaucitlh.Kvlr tflpist hlnihl, tfms mehustry fis oihl ijmeienmic gmccmea kjj tfl `ings kj ckwlr menkol nmtmzles.Xfl mehustrys okhlc mstk trip plkpcl me i nyncl kj hl`t iehgllp tflo niptmvl.Xfl `ucg kj piyhiy ckies irl oihl tk jkcgs wfk irl alttmeackie ijtlr ckie ijtlr ckie.Innkrhmea tk
i Hlnlo`lr 0221 rlpkrt jrko tflNletlr jkr Plspkesm`cl Clehmea, tfl vist oidkrmty kj jiomcmls tigmea kutpiyhiy ckies irl leseirlh me ckea-tlrohl`t,oigmea tflo wkrsl kjj tfie tfly
wkuch `l wmtfkut fmaf-nkst piyhiy clehmea. Xfl stuhy jkueh tfit okrltfie